Compass Investments

– The total supply in ETH and XRP is 812,034 RLUSD.

Over the past 24 hours, a total of 800,000 RLUSD tokens have been mined on the Ethereum and #XRP Ledger.

99% of the total tokens were mined in the last 24 hours.

Surprisingly, Ripple has mined 99% of the total RLUSD (about 800,000 tokens) in just 1 day, according to the Xrpl Vet validator. This dramatic increase followed a much smaller number of tokens issued just 100,000 8 months ago, indicating that the RLUSD project is entering a critical phase. RLUSD, which was announced on May 4 and is currently in beta testing, is now only available to Ripple’s corporate partners.

Ripple wants to continue its aggressive mining strategy to tap into the booming stable coin market, where demand is growing due to the stability of assets like RLUSD compared to riskier assets in the past. However, the timing of this initiative is important as Ripple turns to Tether, which has a market value of around 1,190 billion yen. Ripple’s entry into the stablecoin race could undermine existing markets, especially if RLUSD prevails.

amid the recent hype surrounding RLUSD, XRP has performed admirably, even as uncertainty remains over its legal battle with the U.S. Securities and Exchange Commission. The SEC is expected to appeal the recent court ruling in favor of Ripple before 10:07 AM. On the other hand, XRP’s price trend remains strong, indicating that investors are confident in the company’s future.

In addition, XRP prices continue to rise, with open interest rising 67% since September 7 to $93230 million – the highest level since 2024/4! This growth, combined with the price increase, indicates that there will be a strong upward trend in the future. In addition, there is an increasing demand for long leveraged positions.The Constant Futures Funding Rate rose to 8% over a period of 0.0113 hours. Traders are definitely optimistic.

Monica Long, president of Ripple, suggests that the official launch of RLUSD could take place by the end of 2024.This is an important milestone for the company and seems to be a catalyst for XRP’s growth. The ongoing SEC proceedings could complicate Ripple’s plans. In addition, RLUSD will face competition from established stablecoins such as Tether and USD Coin, which currently dominate the market.

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