TLDR
XRP breaks $3.6, surpassing its 2018 high, with market cap reaching $212 billion.
US legislation boosts XRP, including the passage of the GENIUS Act for stablecoins.
Institutional interest in XRP grows, with $421 million purchases by corporations.
Ripple’s legal settlement with the SEC could further support XRP’s price surge.
XRP price has surged past $3.6, reaching a new all-time high and surpassing its previous record set in 2018. The recent price spike has driven its market cap to over $210 billion, reinforcing XRP’s position as the third-largest cryptocurrency by market value.
The momentum in the market is largely attributed to favorable legislative developments in the U.S. These developments include the passage of key crypto bills in the House, which have triggered optimism among investors and increased institutional interest in the token.
XRP Price Reaches $3.6 on Market Surge
XRP has climbed significantly over the past few days, breaking through its previous all-time high. The surge, reaching as high as $3.64, comes after years of relatively stable price movement. In addition to the price increase, XRP’s market cap now stands at $212 billion.
The digital asset’s surge has been particularly noticeable over the past week, with XRP gaining nearly 40%. This rapid rise comes amid growing investor interest and favorable regulatory developments.
The spike in XRP’s price has also been accompanied by a surge in trading activity. The trading volume of XRP increased by over 130%, reaching $19.05 billion. The derivatives market has mirrored this growth, with futures trading volume up by over 160%. These trends indicate a heightened level of speculation and positioning among traders, driving further interest in the token.
Legislative Support Boosts XRP’s Price
A key factor behind XRP’s recent price surge is the progress in U.S. legislation regarding cryptocurrencies. The U.S. House recently passed the GENIUS Act, a bill that establishes clear rules for stablecoin regulation. This bill aims to provide a regulatory framework for stablecoins, including requirements for full reserve backing and regular audits.
Ripple has taken steps to position itself favorably within this framework by applying for a national trust bank charter. Additionally, Ripple is preparing to launch its stablecoin, RLUSD, which could benefit from the GENIUS Act once it becomes law.
Ripple has also made significant progress in its broader efforts to align with U.S. regulatory requirements. The company has sought a Federal Reserve master account and appointed BNY Mellon as the custodian for its reserves. These actions signal Ripple’s readiness to comply with upcoming regulations, which is expected to accelerate the adoption of RLUSD and enhance investor confidence in XRP.
Institutional Interest in XRP Grows
XRP’s recent price surge has also been fueled by rising institutional interest. Notably, VivoPower International and Webus have announced plans to purchase a combined total of $421 million worth of XRP for their corporate treasuries.
This move underscores the increasing acceptance of XRP among institutional investors, who see value in its potential for growth. These developments are expected to further support the upward momentum of XRP’s price.
In addition to these corporate investments, market watchers are also monitoring the possibility of an XRP exchange-traded fund (ETF) being listed in the U.S. An ETF could open the door for broader institutional inflows, as it would make it easier for large investors to gain exposure to XRP. If the regulatory landscape continues to evolve in XRP’s favor, this could drive even more institutional capital into the asset.
Ripple’s Legal Battle and Market Sentiment
Ongoing developments in Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC) are also contributing to the positive sentiment surrounding XRP. Both Ripple and the SEC have expressed a desire to withdraw their appeals, suggesting that a full settlement may be on the horizon. A resolution of the legal dispute could provide much-needed clarity for XRP, further boosting investor confidence.
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