Ripple's regulated stablecoin, Ripple USD (RLUSD), has achieved a significant milestone with its total supply reaching $120 million. This development was disclosed by Maartunn, a community analyst at CryptoQuant, who described the progress as noteworthy.

RLUSD's supply expansion to $120 million reflects its growing presence on the XRP Ledger (XRPL). According to Maartunn, XRPL currently holds around 37.4 million RLUSD, surpassing the supply on Ethereum, which remains under 83.3 million. The analyst emphasizes that XRP Ledger's lower transaction fees have been a key factor driving this growth, as RLUSD initially experienced rapid expansion on Ethereum, which has since decelerated.

Maartunn anticipates continued adoption of RLUSD, especially in Europe, due to the momentum related to MiCA regulations and the resulting delisting of USDT. He shared an analysis earlier, noting a substantial increase in RLUSD transactions, now exceeding 160,000 cumulatively, with over 600 daily transactions observed several times in February.

Having launched on December 17, RLUSD's expansion has been bolstered by its listing on major platforms like Bitstamp, Revolut, and Zero Hash, further supporting its adoption. On February 10, Ripple minted over 1.05 million additional tokens to keep up with the growing demand.

Despite RLUSD's $120 million milestone, it remains considerably smaller than leading stablecoins. Circle's USDC boasts a market cap of roughly $56.5 billion, while Tether's USDT leads the market with $142 billion.

Currently, XRP is trading at $2.61, having previously moved past a descending channel. While the price briefly reached $2.83, it did not hold above the key 0.618 Fibonacci retracement level at $2.77, which remains a critical resistance point. The primary support level is at the 0.5 Fib retracement, around $2.58. A decisive move above $2.77 could target further advancements to $3.05 (the 0.786 Fib level) and $3.40 (the high from January).

Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.