Ripple Labs Mints 20M RLUSD as XRP Price Rebounds Sharply
Ripple Labs has minted 20 million RLUSD stablecoins on Ethereum, according to the Ripple Stablecoin Tracker. The move comes as XRP price has rebounded sharply from around $1.00 toward $1.40 after a bullish divergence signal.
The RLUSD mint adds another notable development to the latest XRP news, although the information shared does not state what the newly minted tokens will be used for. At the same time, market activity around XRP has picked up quickly, with whales reportedly buying 300 million XRP and $1.25 billion in shorts being liquidated.
Analyst EGRAG Crypto pointed to a bullish divergence that had been forming on the XRP chart before the recent move, which suggested that selling pressure was starting to weaken. The setup showed price moving lower while the Relative Strength Index (RSI) was making higher lows.