Xrpscan Data Reveals 185 RLUSD Tokens Burnt! XRP Set For A Massive Surge?

Xrpscan Data Indicates 185 RLUSD Tokens Burnt

Data from xrpscan reveals that 185 Ripple USD (RLUSD) tokens have been destroyed by sending them back to the issuer account. Currently, RLUSD tokens are not in circulation on the XRP Ledger or Ethereum.

Ripple's Stablecoin Development

Ripple initiated private beta testing for RLUSD earlier this month. The mainnet version is also available on Ethereum, with plans for expansion to other blockchains and DeFi protocols.

RLUSD Trading Status

RLUSD is currently accessible to certain enterprise partners, but not available for trading on exchanges. The stablecoin will be released to the public after the beta testing phase.

Stablecoin Market Growth

Despite the crowded stablecoin market, Ripple believes there is significant growth potential, estimating a market size of $2.8 trillion by 2028. Ripple executives have clarified that RLUSD is not intended to replace XRP.

XRP Price Potential

XRP has been making gains amidst market uncertainty. Factors contributing to its potential surge include endorsements from Donald Trump and the conclusion of the SEC lawsuit against Ripple.

XRP's Underperformance

XRP has underperformed compared to high-cap cryptocurrencies and meme coins in recent times. However, the asset remains at the sixth position by market capitalization, suggesting that a price correction could be overdue.

Meme Coins vs. XRP

Meme coins such as Pepe, Bonk, and Dogwifhat have outperformed XRP in the past year. It remains uncertain whether these coins will maintain their advantage in the next bull cycle.