Recently, activity related to XRP has become more active. Capital inflows into ETFs have resumed, recording a daily inflow of $9.09 million as of April. Considering the previous stagnation, it seems to be a sign that investors are starting to pay attention again. However, judging from the mixed inflows and outflows, it appears to be more cautious buying rather than strong conviction. The current price hovers around $1.38, still lacking stability.

An interesting point is the development activity on the XRP Ledger. Over the past year, the number of developers has increased by 10%, and over two years, it has grown by 92%. This growth stands out amid declining interest in crypto assets overall. Since the data is based on GitHub, the actual number could be even higher if including private projects. An increase in developers means more active building on the network. While this may not directly impact short-term price fluctuations, it is an important factor for long-term value creation.

Another topic worth noting is RLUSD. The competition in the stablecoin market is heating up. The draft of the CLARITY bill suggests that passive yields on stablecoins may be restricted. If implemented, the advantage of USDC offering around 4% returns to attract users could be lost. In fact, following this news, Circle’s stock price dropped by over 20%.

Meanwhile, RLUSD is growing through a different approach. It reached a market cap of $12.5 billion within 15 months, achieved without offering additional returns to users. This growth rate indicates high market interest. Ripple has already obtained an OCC banking charter, which could put it in a more favorable position amid regulatory changes. While USDC remains strong, it is natural that attention is shifting toward new options like RLUSD as the regulatory landscape evolves.

Resumption of capital inflows into XRP ETFs, expansion of the developer community, and the reshaping of the stablecoin market including RLUSD suggest that these elements are interacting and indicate that the market is entering a new phase. Monitoring institutional investor activity will also be valuable.