XRP has taken the cryptocurrency market by storm, surpassing the $100 billion market capitalization mark over the weekend. This impressive surge is driven by Ripple’s upcoming RLUSD stablecoin and broader market optimism, bringing XRP to levels not seen since early 2018.
XRP Records Explosive Gains, Outshining Competitors
In the past 7 days, XRP has seen gains of 30%, outperforming Bitcoin (BTC) and other leading cryptocurrencies. Over the last 30 days, XRP’s value has skyrocketed by nearly 300%, according to CoinGecko data. On Saturday, the token surged almost 10% in just 24 hours, reaching a local high of $1.92. This price level marks a significant milestone, as XRP hasn’t been this high since January 2018, when it briefly touched its all-time peak of $3.40.
Ripple’s RLUSD Stablecoin: Launch on the Horizon
A major catalyst behind XRP’s upward momentum is Ripple’s RLUSD stablecoin. According to reports from Fox Business, the New York Department of Financial Services (NYDFS) is close to approving RLUSD. If approved, Ripple will legally launch RLUSD for public use, with a targeted release date of December 4. This development has sparked significant optimism among investors and traders, who see it as a game-changer for Ripple and XRP.
Bulls Target $2 as Market Sentiment Improves
The recent surge in XRP has renewed confidence in the token, with bullish investors now setting their sights on the $2 mark. This milestone would symbolize a major recovery for XRP, which faced prolonged struggles due to regulatory challenges in previous years.
Key Factors Driving XRP’s Growth:
- Regulatory Progress: Approval of Ripple’s RLUSD stablecoin could pave the way for further institutional adoption of XRP.
- Political Changes in the U.S.: Recent Republican wins in U.S. elections have boosted investor confidence in crypto assets tied to American companies like Ripple Labs.
- XRP ETF Speculation: Traders are anticipating the possibility of an XRP exchange-traded fund (ETF), especially in light of a more favorable regulatory outlook.
Market Data Shows Rising Institutional Interest
Another strong indicator of XRP’s momentum is the surge in futures market activity. Open interest for XRP futures contracts—denominated in U.S. dollars—reached record highs last week. Over 2 billion XRP tokens, valued at more than $2 billion, are now held in futures positions. This reflects significant institutional interest and increased bets on further price movements.
Final Thoughts: XRP Poised for Further Gains
XRP’s return to a $100 billion market cap, coupled with the anticipated approval of Ripple’s RLUSD stablecoin, has reignited investor confidence in the token. With XRP hitting multi-year highs and bullish sentiment growing, the token is on a clear upward trajectory. If momentum holds, the elusive $2 price level may be closer than ever, marking the beginning of a new chapter for XRP in the cryptocurrency market.
