Ripple’s RLUSD Surpasses Zcash in Market Cap Amid Growing Institutional Adoption

Ripple USD (RLUSD) is gaining ground in the crypto sector, thanks to the recently signed GENIUS Act, which has injected increased optimism into the sector. As per the latest data, RLUSD has toppled Zcash (ZEC) in market valuation as the race for sector supremacy intensifies.

Zcash Slips Further as RLUSD Climbs Market Ranks

Ripple’s dollar-pegged RLUSD has officially surpassed Zcash in the market standings, becoming the 104th largest crypto asset by market capitalization. Being a dollar-pegged stablecoin, the RLUSD still retains its $1 value. However, it currently holds a market cap of $602.6 million, surpassing ZEC by $32 million, as per CoinMarketCap data. 

Effectively, Zcash has dropped to 106th following recent struggles, which have also affected the broader crypto market. At the time of writing, ZEC is exchanging hands at $35.20 after an over 11% drop in the past seven days. Underlying price movements further highlight the recent drop experienced by the coin.

Here is what price action trends and indicators are currently displaying:

• ZEC has underperformed 52% of the top 100 crypto assets over the past year.
• It is trading below its 200-day simple moving average, indicating prolonged bearish momentum.
• ZEC is down 99% from its all-time high, reflecting significant long-term value erosion.
• The MACD histogram at -0.615 confirms ongoing bearish momentum
• Currently trading below the 30-day SMA ($41.23), which is acting as overhead resistance.

While the trend went rather unnoticed, the RLUSD’s recent growth shows its growing adoption within the crypto space. In fact, its current trending volume of about $35.8 million surpasses that of both low- and high-cost tokens, which have struggled to attract investments during this market consolidation.

Ripple USD Climbs to 8th place Among Stablecoins as ZEC Declines

Since touching an all-time high of $5,941 on October 29, 2016, Zcash has been on a free fall as concerns about legacy privacy continue to circle the network. With recent issues of hacked funds being passed through privacy-heavy networks, market commentators fear that tokens like ZEC are beginning to lose their appeal.

These concerns have negatively impacted the coin’s price trend, causing it to fall below stablecoins like RLUSD.

Interestingly, the Ripple USD is also riding strong against its stablecoin counterparts, firmly sitting within the top ten of the largest stablecoins in terms of market cap. Backed by recent mainstream partnerships and increased institutional adoption, the RLUSD sits 8th on the most valuable stablecoins list, trailing PayPal USD at 7th.

Analysts believe that the RLUSD may soon enter the top 100 if other mid-tier assets continue yielding to market pressure. Meanwhile, as the RLUSD posts impressive scores, experts warn that XRP could soon challenge traditional banking and finance.