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Ripple hasmintedanother batch of $RLUSD as $XRP stages a sharp rally, with the token gaining nearly 19% over the past 24 hours and briefly climbing to $1.24.
The latest $RLUSD activity comes as Ripple’s stablecoin sees a flurry of new issuance and redemptions.
Ripple mints more $RLUSD
Ripple minted 900,000 $RLUSD in a transaction recorded on the $XRP Ledger on Aug. 20, according to the transaction data shown by XRPScan.
The latest issuance followed several larger $RLUSD transactions tracked by the Ripple Stablecoin Tracker.
The tracker reported 20 million $RLUSD minted at the treasury three hours earlier, while two additional 10 million $RLUSD mints were recorded about 11 hours earlier.
Another 12 million $RLUSD was minted roughly 19 hours ago, followed by a 32 million $RLUSD issuance about 23 hours ago.
At the same time, $RLUSD has also seen substantial burns. The tracker reported 15.4 million $RLUSD burned at the treasury about an hour ago, following a 20 million $RLUSD burn on Ethereum roughly three hours earlier.
Taken together, the reported activity points to significant turnover in $RLUSD supply rather than a simple one-way expansion.
The latest minting and burning transactions show Ripple continuing to actively manage the stablecoin’s supply.
$XRP price spikes nearly 19%
$XRP has delivered an even more dramatic move over the same period. The token was trading at around $1.22 at the time of writing, up 18.8% over 24 hours, according to the supplied market data.
$XRP climbed from a 24-hour low of about $1.03 to as high as $1.24, marking a move of roughly 20% from the session’s bottom. The token was also up 21.2% over seven days, while its 30-day gain stood at 16.5%.
Source: <a href="https://cryptonews.net/news/altcoins/33325953/” target=”_blank” rel=”nofollow noopener”>cryptonews.net