Ripple’s RLUSD Growth Fails to Push Demand for XRP

It has been a big week for the payments giant, Ripple. From the most eye-catching billboards across Las Vegas to the new addition of RLSUD, the company seems to be accelerating its global presence. But these big changes were not reflected in the price of XRP. The index continues to decline, trading 62% below its 2025 peak.

It’s worth noting that much of the current buzz is surrounding Ripple’s stablecoin, RLUSD. In the last 24 hours, the RLUSD stablecoin has been active on OKX, entered a bullish trading cycle, and spread to Ethereum L2 ecosystems. This confirms that RLUSD is staying in the middle of Ripple’s path. But does this indicate that the company is putting XRP aside?

Underneath the headlines, there is a growing disagreement. Most of the RLUSD is now on Ethereum. Most of its uses bypass XRP entirely. The change is sparking a new debate over whether XRP is still a price driver.

Unveiling Ripple’s RLUSD On-Chain Development

In just a few days, Ripple successfully boosted RLUSDIts fiat-backed stablecoin, being several platforms. Although this seems interesting for XRP, a closer look shows that the stablecoin is growing in ways that are not limited to XRP.

RLUSD is stable on OKX

One of the biggest changes came from OKX, a popular crypto exchange. OKX lists RLUSD on over 280 trading platforms. This is the biggest increase in paper money. It puts the stablecoin in front of many users around the world and allows both retail and institutional investors to access it.

Here, the most interesting thing is its off-chain performance. OKX trading on RLUSD can be done within its middle book. This means that they do not directly interact with the XRP Ledger or XRP.

School Use Rises Through Bullish

Another major development is RLUSD’s integration into the business process. Through Bullish, Ripple Prime customers can now use RLUSD as collateral to trade Bitcoin options. This plays a major role in positioning RLUSD as a financial instrument. The article, which was released on April 29, said,

“Bullish Markets is now available for Ripple Prime customers, providing direct access to bullish options for BTC along with access to spot, fixed and futures.

Growth also reflects the extent of institutionalization. By enabling stablecoins to function as collateral, Ripple is directly investing in the real estate market.

Here, too, XRP is not part of the process. The options are settled in the stablecoin, and the collateral is set accordingly. XRP will have no role in the border, implementation, or execution.

RLUSD Is Installed as an Alternative to SWIFT

The most important thing that Reece Merrick, Managing Director for the Middle East and Africa, shared is the use of RLUSD as an alternative to SWIFT. It is worth noting that he has put a stablecoin, not XRP, as an asset that companies can consider for international payments.

His message comes in the middle The development of Ripple in the UAEand opening a new Middle East and Africa headquarters at the Dubai International Financial Center. Merrick also reviewed the company’s ongoing partnership with the DIFC.

It is worth noting that Ripple has become the first blockchain payment provider to receive approval from the Dubai Financial Services Authority. Its stablecoin has been recognized as an official crypto token within the DIFC.

Merrick said,

“Since our early days in the UAE, we have been making sure that local businesses are interested in blockchain-powered returns, a passion that is only growing. A great team, based here in Dubai, will help us move forward to support our customers and partners across the region and beyond.”

Ethereum L2 price change

Perhaps the most important development is the expansion of RLUSD beyond XRPL to Ethereum’s L2 slots. Ripple has confirmed plans to add RLUSD to networks such as Base, Optimism, Ink, and Unichain via Wormhole’s cross-chain infrastructure.

Ethereum L2s provide a large user base, an active DeFi ecosystem, and powerful programming services. By placing RLUSD on these chains, Ripple is using the currency and using it.

But this network does not rely on XRP. Creating and transferring RLUSD on Ethereum L2 does not require interaction with XRPL. As a result, every new mix in this space increases the footprint of the stablecoin- not XRP.

The numbers are already showing this change. About 82% of the Ripple stablecoin issued is now on Ethereum. This is very high compared to 18% for RLUSD.

Why RLUSD Growth Is Not Translating to XRP Demand?

The main reason why the growth of RLUSD is not increasing the value of XRP depends on how it is used. Most stablecoin transactions take place on centralized platforms such as OKX, where trading takes place off-chain. This eliminates the need for XRP for any transaction. The token is only required when the stablecoin is transferred or withdrawn through the XRP Ledger.

At the same time, the high availability of RLUSD on Ethereum is another big reason. Although these systems do not rely on XRP, the stablecoin function continues independently.

Interestingly, the payment company is investing heavily to accelerate the growth of the stablecoin. The team is increasingly positioning it as a major player in the ecosystem. But a Ripple coin does not see the same effect. The price of XRP is down 62% from the peak of 2025. The main momentum is down again.

Could Stablecoin Development Be A Good Way To Support XRP?

Currently, the growth of the Ripple stablecoin is not driving the XRP token. But would it be a good resource? Yeah yeah. But it should change the way stablecoin is used.

Currently, most of the work around the token is done outside of the XRP Ledger. This hinders the use of cryptocurrency. When the service is moved to XRPL, it can increase the share of XRP and push its demand.

The stablecoin offering is also very helpful. The 82% drop in Ethereum is also reducing the position of XRPL and altcoins. In order for an altcoin to be profitable, the currency must be stored, with a large amount of fixed coins being issued on the XRP Ledger.