XRP Rally and RLUSD Anticipating Oil Movement on Xaman Wallet
Renewed interest in XRP and excitement over the upcoming launch of the Ripple USD (RLUSD) stablecoin has led to a significant increase in user activity for Xaman, the platform built for the XRP Ledger (XRPL) ecosystem.
Active weekly users on Xaman have increased by 250% since the summer, reaching over 212,000 active users last week, Xaman Chief Operating Officer Robert Kiru told Cointelegraph.
User activity on Xaman reflects the renewed interest in the XRPL ecosystem during the launch of XRP (XRP) and the community's Ripple USD (RLUSD) stablecoin.
Xaman, which spun off from Xumm in May 2023, received an indirect investment from Ripple's investment arm Xpring, which spun off into Ripplex in October 2020.
80,000 new users join Xaman amid XRP rally.
As of December 2023, Xaman had approximately 80,000 active weekly users, which increased to 60,000 users by summer 2024.
XRP's recent user activity growth has been driven by 80,000 new registered users and many returning users, as XRP briefly regained the position of the third largest cryptocurrency by market capitalization on December 2nd.
Top five cryptocurrencies by market capitalization. Source: CoinGecko
“This growth reflects the renewed interest in XRP's volatility and the launch of RLUSD,” Kyuru said, adding that 90% of the increase in the active user base should be attributed to XRP's price.
Xaman uses the XRPL fork for modern contracts
Xaman is a wallet that supports both on and off platforms like Uphold's Topper.
While XRPL itself does not support smart contracts, Xaman offers it on the Xahau Network, which is a separate blockchain and fork of XRPL, Xaman's Kyuru said.
“Smart contracts on Xahau use Hooks developed by XRPL Labs,” explained Kyuru, adding that the Hooks add lightweight functionality tailored to developers and users.
Related: RLUSD stablecoin increases demand for XRP – Axelar co-founder
“Almost every XRPL project integrates with Xaman through ‘Sign in Xumm', providing secure and seamless transactions.
Xaman received indirect investment from Ripple in 2019 and 2020
Ripple's investment arm, Ripplex — then Xpring — backed Xaman by investing in XRPL Labs in 2019 and 2020.
“It was one of Ripple's first offerings when it was funded by Xpring,” Kyuru said, adding that Xpring initially invested in XRPL Labs in early 2019.
Originally known as the Xumm wallet, Xaman was created by popular Ripple developer Wietse Wind, who released XRP apps such as XRParrot and XRPTipBot.
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