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๐๐๐ ๐๐ง๐๐๐ ๐๐ฎ๐๐จ $4 ๐๐จ ๐๐๐๐๐ฟ ๐๐๐๐ง๐จ $1๐ฝ ๐๐๐ง๐ ๐๐ฉ ๐พ๐๐ฅ ๐ผ๐๐ฉ๐๐ง 800% ๐๐ค๐ ๐๐ง๐ค๐ฌ๐ฉ๐
XRP has gained by around 9.6% year-to-date, as it trades at $2.27 today, July 7. During the same period, the RLUSD stablecoin has recorded a massive increase of more than 815% in its market capitalization. Following this growth, RLUSD has not only outperformed Tetherโs USDT, but it is also on a trajectory to a $1 billion market cap. If this happens, would XRP reach $4 as suggested by a falling wedge pattern? Letโs explore
The market cap of RLUSD has increased from $53 million at the beginning of the year to $485 million at press time. This means that this new stablecoin has grown eightfold in just six months, making it one of the fastest-growing projects in the crypto industry.
Compared to the leading stablecoin USDT, RLUSDโs growth has been iconic, considering that the former has only seen a 15% market cap increase. At the same time, the market cap of USDC has grown by only 44% per CoinMarketCap data.
One of the top reasons why RLUSD may reach $1 billion and increase the chances of an XRP price rally is a shifting regulatory framework. As CoinGape reported, US legislators have labeled next week as โCrypto Week,โ where they will debate several crypto-focused bills, including the GENIUS Act. If it passes, US-made stablecoins like RLUSD will have an edge over rivals like USDT.
Secondly, Ripple has filed for a banking license, which will also make it easier for institutions to adopt the RLUSD stablecoin. If regulators grant their approval for this license, it will not only cause an XRP price rally but also contribute to increasing the stablecoinโs market cap.
Lastly, RLUSD is finding its way into the traditional banking system after a recent report revealed that Swiss-based bank AMINA will enable support for RLUSD. As more banks tap into this token, it will become more likely for it to reach a $1 billion market capitalization.
