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XRP 
RLUSD XRP soars, RLUSD activity intensifies
Ripple launched a series of important RLUSD stablecoin transactions amid a strong rebound in the XRP market. In the past 24 hours, XRP has risen nearly 19%, hitting an intraday high of $1.24 before falling back to around $1.22.
Parallel casting and destruction of RLUSD
According to the on-chain data summarized by XRPScan, on August 20, Ripple cast another 900,000 RLUSD on the XRP ledger. Prior to the launch, the Ripple stablecoin tracker recorded a series of larger minting activities on the same day. It is worth noting that trackers showed that Ripple Treasury had minted 20 million RLUSDs three hours before the most recent minting occurred. Earlier in the day, about 11 hours earlier, two more transactions each added 10 million RLUSD to supply. In addition, 12 million mints were recorded about 19 hours ago, and a mass release of 32 million RLUSD was recorded about 23 hours ago. These transactions have led to a significant expansion of the supply of stablecoins in a short period of time.
While large-scale casting, Ripple also carried out a sizable RLUSD destruction. The stablecoin tracker reported that about an hour ago, 15.4 million RLUSDs were destroyed in the treasury, and about three hours ago, another 20 million RLUSDs were destroyed on the Ethereum network. This parallel phenomenon of casting and destruction suggests that stablecoins have extremely high turnover rates rather than sustained net growth. This reflects Ripple's continued strategy of actively calibrating its RLUSD supply based on market conditions and user needs. These latest casting and destruction actions highlight Ripple's approach to maintaining a balance between supply and demand for RLUSD by frequently managing cross-platform releases and foreclosures.
XRP extended gains amid supply corrections
At the same time, XRP experienced significant price increases over the same period. The token soared from a 24-hour low of about $1.03 to a high of $1.24, up nearly 20% from the day's lowest point. Based on available market data, XRP has risen 21.2% in the past seven days, while its 30-day performance has climbed 16.5%.
