Ripple’s stablecoin, Ripple USD (RLUSD), has seen a major drop in its trading volume. According to CoinMarketCap, the asset’s daily volume plunged by over 56 percent within 24 hours, falling from $101.43 million to $35.8 million.
The sudden decrease in trading volume occurred right after new exchange listings caused the market to skyrocket. When Kraken added RLUSD to its U.S.-based crypto exchange last week, the cryptocurrency experienced high investor demand, which caused atypical trading volumes. RLUSD trading volume showed little change in the preceding period as the numbers stayed at a minimal $13 million, not long before the surge occurred.
Despite the sharp fall in volume, the stablecoin’s market capitalization has stayed intact at $294 million. This indicates that the drop is not due to mass sell-offs or withdrawal of funds, but rather a decline from a temporary trading peak. During the peak period, the asset’s market capitalization showed over 30 percent of its total value through volume activities.
Also Read: Onyxcoin Skyrockets 58% in 24 Hours as Market Cap Hits $1.16 Billion
Even after the decrease, the volume-to-market cap ratio remains at 12.7 percent. This is still considered active, especially for a stablecoin, showing continued usage across the market.
Sharp Decline Follows Temporary Spike from Kraken Listing
The crash in volume appears to be the result of fading excitement after RLUSD’s listing on Kraken. Alongside Bitstamp, Kraken is one of the only major platforms currently offering RLUSD trading. With limited listings, every new addition has had a noticeable effect on the asset’s activity.
Historical data show that RLUSD is no stranger to large spikes and sudden drops in volume. Daily volume reached its peak three days before the most recent record as it reached $49.7 million. RLUSD trading activity demonstrates strong reactions to listing events through the observed market volatility.
A future increase in platform availability for the stablecoin RLUSD should trigger additional notable volume adjustments. Current trading dynamics of the asset indicate a return to normal trading speeds after the brief spike observed last week.
Conclusion
RLUSD’s trading volume has dropped sharply after a brief period of intense activity. The decline aligns with the fading impact of the Kraken listing and reflects a return to normal trading levels rather than a loss of investor interest.
Also Read: SHIB Team Issues Urgent Scam Warning: “You’re One Step Away!”
