XRP rallies 19% as Ripple mints and burns over 72 million RLUSD

XRP surges as RLUSD activity intensifies

Ripple minted a fresh batch of 900,000 RLUSD on the XRP Ledger on August 20, according to on-chain data compiled by XRPScan. This latest issuance followed a sequence of larger mints reported by the Ripple Stablecoin Tracker throughout the same day.

Notably, the tracker showed a 20 million RLUSD mint at Ripple’s treasury three hours before the most recent event. Earlier in the day, two further transactions added another 10 million RLUSD each to the supply, occurring approximately 11 hours prior.

Additional RLUSD activity included a 12 million mint recorded 19 hours ago, along with a sizable 32 million RLUSD issuance about 23 hours ago. These transactions added up to a considerable expansion in stablecoin supply in a short time frame.

Significant burns follow high-volume mints

Amid the inflow, Ripple also executed substantial RLUSD burns. The Stablecoin Tracker reported that 15.4 million RLUSD was destroyed at the treasury about an hour prior, while an earlier burn of 20 million RLUSD took place on the Ethereum network approximately three hours before.

Such parallel waves of minting and burning indicate a high velocity of stablecoin turnover rather than sustained net growth. This reflects Ripple’s ongoing strategy of actively calibrating its RLUSD supply in response to market conditions and user demand.

These latest mint and burn actions underscore Ripple’s approach to maintaining RLUSD’s equilibrium by frequently managing both issuance and redemptions across platforms.

XRP extends gains as supply reshuffles

Meanwhile, XRP experienced a significant price increase during the same period. The token surged from a 24-hour low of about $1.03 to a high of $1.24, representing a rally of nearly 20% from the session’s lowest point. Over seven days, XRP appreciated by 21.2%, while its 30-day performance climbed 16.5% based on the available market data.

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