Ripple’s Stablecoin Volume Soars 101% in a Single Day: What’s Behind the Spike?

Ripple’s USD stablecoin (RLUSD) saw a remarkable 101% surge in trading volume over the past 24 hours, reaching $150.49 million on CoinMarketCap. This spike is notable even though RLUSD ranks 15th among USD-pegged stablecoins by market cap. The increase occurred amidst Bitcoin’s record high of $111,880 and an overall surge in crypto trading activity. While the token’s market capitalization remains at around $310.45 million and has experienced a slight decrease, its volume surged substantially, demonstrating strong interest despite not experiencing significant price fluctuations. .