XRP saw a significant slip to $2.09 on January 9, marking around a 15% low from its highest point of this year. The data from DeFi Llama reveals that the supply of stablecoins in XRP Ledger has continuously risen this year.
It has witnessed a 33% jump in the past week to more than $406 million, which stood at $93 million in the same period of the last year. The growth can be heavily attributed to the Ripple USD coin, whose supply surged by 42% in the past month and stood at $332 million.
The other prominent stablecoins in the industry are OpenEden, Tbill, USD Coin and EURQ. Stablecoins, majorly supported by fiat currencies, have become prominent players in the payment industry.
Data reveals that there are more than $308 billion worth of stablecoins in circulation in the current scenario, which will grow further.
The Positioning of the Biggest Stablecoin
Ripple USD was introduced in December 2024, and it has now positioned itself to be one of the biggest stablecoins, having an overall supply of $1.4 billion. A large portion of the supply contains Ethereum (ETH), which is the most used chain for stablecoin transactions.
The supply has high chances of surging as Ripple goes beyond the layer-2 networks like Base and Optimism. XRP is also witnessing an increased demand from American investors, who accumulated ETFs estimated at more than $8.7 million on January 8 after removing $40 million in assets a day before.
The overall inflow in XRP ETFs has surged to $1.21 billion, and the net assets have shifted to $1.49 billion. The daily timeframe chart reveals that the price of XRP has retreated in the last few days, shifting from a high of $2.4153 on January 6 to $2.09 on January 9.
Its 50-day exponential average remains on the positive side, revealing a bullish sign, and it was also above the Supertrend indicator.
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