Ripple has gone ahead with one of the biggest RLUSD tokens burn since introducing the stablecoin. The crypto has already achieved various milestones and is growing in terms of user adoption. So, this step could mark a significant point towards increasing its demand. Here’s why.
Why Ripple Burnt 12 Million RLUSD Tokens?
According to the Ripple stablecoin tracker’s X post, the blockchain-based digital payment network has burned 12 million RLUSD stablecoin tokens on Tuesday. The on-chain stats confirm that at 11:05 UTC on April 22, the firm went ahead with sending the token to a burn wallet, which would remove their existence from the ecosystem forever.
Notably, such practices are made to reduce the excess supply of the token, creating scarcity, eventually boosting the demand. Another important point to note is that the transaction also focused on introducing cross-chain liquidity, as explained by the experts.
XRPL dUNL validator, Vet, reveals that the individual who requested the burning had moved the RLUSD from one blockchain to another. As a result, the supply of the tokens reduced on the XRP Ledger and increased on the Ethereum blockchain.
This acted as a liquidity bridge without affecting the circulation of the tokens. Interestingly, the RLUD Treasury minted 12 million (equal to the burning amount) within seconds after that.
RLUSD Trading Volume Rose 200% Past Tokens Burning
Similar to most top stablecoins, RLUSD is also pegged to the dollar at a 1:1 ratio. Interestingly, its adoption has been constantly growing since various top exchanges listed the token. Recently, Ripple stablecoin got listed on the Aave V3 Ethereum Core Market, gaining additional investor attention.
Amid that and the RLUSD tokens burning, its trading volume is up by more than 200%, currently at $102.96 million. In addition, its market capitalization stands at $294.07M, with 294.04M RLUSD in circulation. Interestingly, under the impact of this and the recovery of the crypto market, the XRP price is soaring.
Notably, Ripple Labs’ integration of RLUSD stablecoin with the payment network highlights the digital asset among users. Experts anticipate that RLUSD will occupy 50% of the stablecoin market capitalization and many other milestones in the near future.
The crypto market has rebounded after a recent dip. Currently, the total market cap of the cryptocurrency market stands at $2.96T. In the last 24 hours, the market has experienced a surge of 1.5%. During the period, almost all the top ten cryptos have seen growth. BTC has grown by 2.7%, ETH by 1.6%, XRP by 3.2%, SOL by 3.2% and DOGE by 2.9%. The big question is: what has triggered this rebound? Let’s dive into the key reasons behind this price surge.
Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election
President
announced a 25% tariff on auto imports from Canada and Mexico. The move created havoc in the global economy. It even affected the crypto industry as well. It was feared that the development could push the Northern American region into a severe trade war.
Yesterday, a temporary solution was made in the issue, as Trump agreed to a 30-day delay in the implementation of the tariff plan.
The decision was the final outcome of a series of discussions conducted with Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum by Trump.
The temporary halt in the implementation of the plan has averted immediate trade disruptions, and, thus, considerably lowered macroeconomic pressure. Experts opine that this development has positively influenced the crypto market.
Stock Market Gains Add to Crypto Rally
Yesterday, the US market reported a rise of around 1.05%. The S&P 500 index surged from $5,781.50 to $5,842.62.
The crypto market, even crypto stocks, have benefited from this positive momentum in the US stock landscape.
Yesterday, the MicroStrategy stock price climbed from $277.54 to $308.55, marking a notable rise of 11.17%
On the same day, the stock price of Coinbase Global grew from $214.64 to $222.45, recording a surge of 3.63%
Weaker US Dollar and Interest Rate Speculation
In the last four days, the US Dollar index has declined by 3.21%. A weaker dollar can signal concerns about the US economy’s health. It can lead to higher import prices, potentially fueling inflation.
If the dollar is falling, and that fall is contributing to inflation, the US Fed may adjust interest rates. Reports say that there is a 52% probability for a Fed rate cut in June 2025.
Lower interest rates can encourage investors to seek higher returns in riskier assets, such as cryptos.
It is fair to assume that the drop in the DXY index reading and speculations regarding the June interest rate cut have influenced the crypto market positively.
Currently, the total market cap of the crypto market stands at $2.96T. The 200-day SMA of the market stands at $2.79T, the 100-day SMA at 3.28T and the 50-day SMA at 3.19T.
Recently, the market rebounded from the 200-day SMA line – which acts as a strong support. Now, it remains at least 5.74% above the support.
The 100-day SMA and 50-day SMA now act as resistant levels. If it breaks above the range of $3.19T and $3.28T, the market could see a strong bullish rally.
The RSI of the market is at 47.58. This also suggests that there is enough room for the market to grow further.
In conclusion, the crypto market is showing strength, with key technical levels in focus. If the trend continues, a bullish breakout could be on the horizon.
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The post Why Crypto Market Is Up Today: Bullish Technicals & Market Catalysts appeared first on Coinpedia Fintech News
The crypto market has rebounded after a recent dip. Currently, the total market cap of the cryptocurrency market stands at $2.96T. In the last 24 hours, the market has experienced a surge of 1.5%. During the period, almost all the top ten cryptos have seen growth. BTC has grown by 2.7%, ETH by 1.6%, XRP …
The cryptocurrency market has kicked off the weekend on a positive note. The market cap of the business has climbed by 2.74%, reaching $2.75 trillion. In the meantime, daily trading volumes cooled off, dropping 14.82% to $76 billion. Talking about, market sentiments, investors remain cautious as the Fear & Greed Index holds steady at 22.
Bitcoin Price Holds $84k
Bitcoin price today holds firm above the $84k level, with a 24-hour price spike of 2.96%, this has come despite a 3.79% drop in trading volume, now at $28.4 billion. Coming to its foothold in the industry, its market cap stands tall at $1.67 trillion, with price action ranging between $81,771 and $85,263 in the same period.
Ethereum also showed a healthy uptick, gaining 1.91% in the past 24 hours. Meanwhile, XRP impressed with a 6.37% rise. Solana, however, stole the spotlight among the major altcoins, climbing 7.09% and emerging as today’s top-performing large-cap asset.
HYPE leads the top 100 altcoins with an impressive 12.08% jump, followed by ATOM up 10.92%, and KAS up 9.72%. On the flip side, PI saw the sharpest decline, dropping 15.08%, while TIA and TRX recorded minor losses of 1.54% and 1.47% respectively.
Stay tuned for every day updates from the world of cryptos!
FAQs
How much does 1 BTC cost today?
At press time, Bitcoin is priced at $84,255.41.
Which tokens have surged the highest today?
HYPE, ATOM, and KAS are today’s top gainers with 12.08%, 10.92%, and 9.72% respective gains.
How has Solana (SOL) performed today?
Solana price has risen 7.09% in the past 24 hours, leading the altcoin pack.
The post Crypto News Today (15th March, 2025): BTC Holds $84K | SOL Price Shoots 7% appeared first on Coinpedia Fintech News
The cryptocurrency market has kicked off the weekend on a positive note. The market cap of the business has climbed by 2.74%, reaching $2.75 trillion. In the meantime, daily trading volumes cooled off, dropping 14.82% to $76 billion. Talking about, market sentiments, investors remain cautious as the Fear & Greed Index holds steady at 22. …
The leading altcoin ETH has bucked the broader market downturn over the past 24 hours, posting modest gains of around 1%. At press time, the coin trades at $1,842.
This comes as a key momentum metric — the taker buy-sell ratio—surges to its highest level in 30 days, signaling renewed bullish pressure in the asset’s futures market.
Traders Eye ETH Upside as Buy Pressure and Build
According to CryptoQuant, ETH’s taker-buy-sell ratio is currently at 1.08, marking its highest value since early April.
This metric measures the ratio between the buy and sell volumes in ETH’s futures market. A value above 1 suggests that more traders are aggressively buying ETH contracts than selling, while values below 1 indicate dominant sell pressure.
At 1.08, ETH’s taker buy-sell ratio clearly tilts in favor of buyers, reflecting increasing confidence among traders that prices may continue rising.
Moreover, the altcoin’s Relative Strength Index (RSI) continues to trend upward, supporting this bullish narrative. At press time, it is at 58.39 and climbing.
The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and due for a decline. Conversely, values under 30 signal that the asset is oversold and could witness a rebound.
ETH’s RSI reading confirms the strengthening bullish bias toward the altcoin, reinforcing the view that it could be primed for further upside.
ETH Builds Strength Above Short-Term Support
At its current price, ETH rests above its 20-day exponential moving average (EMA), which forms dynamic support below its price at $1,770.
The 20-day EMA measures an asset’s average price over the past 20 trading days, giving weight to recent prices. When an asset trades above this key moving average, it signals short-term bullish momentum. This indicates that recent prices are trending higher than the average over the past 20 days. Traders often view this as a sign of underlying strength or an early uptrend.
Therefore, ETH could maintain its rally toward $2,027 if buying pressure gains momentum.
