Santiment says RLUSD growth does not guarantee gains for XRP

On-chain analytics firm Santiment said growth in Ripple stablecoin RLUSD does not necessarily mean XRP will rise in price. Santiment said XRP fell while RLUSD’s market capitalization increased sharply. The firm added that if financial institutions actively use RLUSD on the XRP Ledger, transaction counts and liquidity could increase and support XRP as well. At the same time, RLUSD could grow without boosting XRP demand, as it can also be used on other blockchains. Santiment noted that a small amount of XRP is burned with each transaction on the XRP Ledger, but said the scale is unlikely to have a major impact on price. Ultimately, the key factor is not RLUSD’s market capitalization itself, but whether financial institutions increase their actual usage of the XRP Ledger. Earlier, Standard Chartered launched RLUSD custody services for institutions through its Dubai International Financial Centre branch.