XRP has achieved a major milestone, flipping a $100 billion market capitalization late Saturday as its multiweek rally gained momentum. The surge comes amid significant catalysts that have reignited investor confidence in the embattled token.
Key Highlights:
- Market Cap Surge: XRP’s market cap surpassed $100 billion on Saturday.
- Regulatory Developments: Ripple’s RLUSD stablecoin could receive approval from the New York Department of Financial Services, paving the way for a potential Dec. 4 public launch.
- Bullish Targets: Investors now eye the $2 mark, signaling renewed strength in XRP.
Price Performance
XRP surged nearly 10% between Friday and Saturday, reaching a local high of $1.92—the highest levels since January 2018, when it briefly touched its all-time high of $3.40. Over the past week, XRP posted 7-day gains of 30%, outperforming bitcoin (BTC) and other major cryptocurrencies. Over the past 30 days, XRP has skyrocketed nearly 300%, according to CoinGecko data.
Regulatory Momentum
Saturday’s gains followed a report by Fox Business suggesting that Ripple is close to receiving approval for its RLUSD stablecoin from New York regulators. If approved, Ripple will be legally permitted to offer RLUSD to the public, with the launch possibly happening as soon as Dec. 4.
Renewed Confidence in XRP
XRP’s rally has been fueled by a combination of favorable market sentiment and regulatory developments. Investor confidence was further bolstered in early November after Republican victories in U.S. elections hinted at a more crypto-friendly regulatory environment.
Speculation around an XRP-focused exchange-traded fund (ETF) in the U.S. has also added to the bullish outlook, with traders anticipating a more lenient approach toward crypto-linked financial products.
Futures Market Activity
Open interest in XRP futures reached record levels last week, with over 2 billion tokens—valued at more than $2 billion—locked in futures positions. This highlights increased market activity and expectations of continued price volatility.
With regulatory clarity on the horizon and bullish sentiment dominating the market, XRP appears poised to reclaim its former glory as one of the top-performing cryptocurrencies.
