Ripple will launch its stablecoin on its XRP Ledger and the Ethereum network to meet the growing demand for the asset.has announced its plans to launch a stablecoin pegged to the U.S. dollar on its XRP Ledger and the Ethereum network later this year., the enterprise blockchain solutions provider said its stablecoin will be backed 100% by US dollar deposits, short-term US government treasuries, and other cash equivalents.
According to The Block data dashboard, the daily count of transactions completed on the XRPL has declined since 4th January. On a seven-day moving average, the network daily transactions count fell 87% between January and March.The fall in daily transactions recorded was due to the decrease in the number of unique addresses active on XRPL as senders or receivers during this period. Per The Block data, the daily count of active addresses on the network dropped by 45% in the year’s first quarter.
Spotted below their respective center lines, XRP’s Relative Strength Index and Money Flow Index were 43.89 and 45.59. These values showed that XRP sell-offs outpaced its accumulation among market participants.
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