The rise of stablecoins, can XRP benefit simultaneously?

With Ripple’s US dollar-pegged stablecoin RLUSD seeing its issuance surge to $450 million in just six months, the market is beginning to focus on whether this can provide substantial momentum for XRP. Currently, XRP is priced at around $2.30, which leaves approximately 47.8% room for growth to its historical high of $3.40. The market is closely watching to see if RLUSD can become a key catalyst.

The development of RLUSD has been somewhat surprising, as currently, 95% of its circulation actually exists on the Ethereum network, rather than on the XRP native XRPL blockchain. This has raised questions within the community: Can Ripple make XRPL the core stage for RLUSD and further drive the actual application of XRP?

XRP Ledger smart contracts officially launched

On June 30, 2025, Ripple officially launched the EVM-compatible sidechain feature for XRPL, meaning that XRPL now supports the same smart contract architecture as Ethereum. According to developer data, over 1,400 contracts were deployed within the first week of launch, and through Axelar Bridge, it has achieved interoperability with over 80 chains. This move may establish a closer linkage mechanism between RLUSD and XRP. When users start using RLUSD for transactions on XRPL, they will need to pay transaction fees in XRP, further increasing the actual demand for XRP.

Ripple stablecoin is ready to enter the federal level.

Ripple is not only continuously expanding on the technical front but also advancing its compliance strategy. In June 2025, Ripple submitted an application for a national trust bank license to the Office of the Comptroller of the Currency (OCC) and applied for a Federal Reserve Master Account through its subsidiary, aiming to directly deposit the reserves of RLUSD with the Federal Reserve, rather than through intermediary banks. This move corresponds with the upcoming GENIUS Act, which aims to unify the regulatory framework for stablecoins. Ripple’s actions undoubtedly seize the compliance initiative and further strengthen the credibility of RLUSD and XRP in the financial payment market.

Technical Structure and Event-Driven

From a technical chart perspective, the XRP price is currently stable around 2.3 USD, gradually establishing a higher low structure. If RLUSD’s application on XRPL expands, along with the potential positives from the Ripple Swell annual conference in November and advancements in federal regulation, XRP is expected to gradually move towards the resistance zone of 2.8 - 3 USD, ultimately challenging the historical high of 3.40 USD. However, if market sentiment weakens or RLUSD’s growth remains focused on the ETH network, XRP’s rebound momentum may weaken.

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Summary

Ripple is actively laying out its strategy in the three major areas of regulation, technology, and payment applications. With the rapid expansion of the RLUSD stablecoin and the launch of XRPL EVM functionalities, the potential of XRP as the core fuel is gradually being reassessed. However, whether XRP can leverage this momentum to break through the historical high of 3.40 USD in the short term still depends on whether RLUSD can substantively drive on-chain transactions and capital inflows, and enable more users to afford and utilize XRP.