XRP has regained momentum, achieving a $100 billion market capitalization over the weekend. This milestone comes as Ripple’s RLUSD stablecoin approaches regulatory approval, fueling renewed enthusiasm among investors and traders.
XRP Achieves 2018 Price Levels Amid Market Surge
XRP’s price skyrocketed to a local high of $1.92, marking its best performance since January 2018 when it briefly touched an all-time high of $3.40. Over the past 7 days, XRP has gained an impressive 30%, while its 30-day performance stands at an extraordinary 300%, outperforming major cryptocurrencies like Bitcoin (BTC) and others.
On Saturday alone, XRP recorded a 10% surge in just 24 hours, showcasing strong market momentum and investor confidence.
Ripple’s RLUSD Stablecoin: Key Driver of XRP’s Growth
The rally was further fueled by news that Ripple is close to securing approval for its RLUSD stablecoin. A report from Fox Business revealed that the New York Department of Financial Services (NYDFS) is expected to approve Ripple’s RLUSD offering, with a potential launch date of December 4.
If approved, RLUSD will allow Ripple to legally provide a stablecoin product to the public, a move that could further integrate Ripple’s ecosystem into mainstream financial markets.
Bulls Eye $2 as Investor Optimism Builds
With XRP’s price momentum accelerating, investors are now targeting the $2 mark as the next major milestone. This price level would signify a major comeback for XRP, a token that faced prolonged challenges amid regulatory scrutiny.
Key Factors Supporting XRP’s Rally:
- Regulatory Progress: Approval of RLUSD is expected to drive institutional adoption and strengthen Ripple’s market position.
- U.S. Political Shifts: Recent election outcomes have bolstered investor confidence in crypto projects linked to U.S.-based companies, such as Ripple Labs.
- ETF Speculation: Growing anticipation for an XRP-based Exchange-Traded Fund (ETF) has contributed to market excitement.
Futures Market Shows Growing XRP Demand
Investor interest in XRP is further highlighted by the record-breaking futures market activity. Open interest for XRP-denominated futures has surged, with over 2 billion tokens (valued at over $2 billion) currently tied up in open futures positions. This rise indicates growing bets on continued price movements and further market volatility.
XRP’s Comeback Gains Momentum
XRP’s return to a $100 billion market cap signals a strong resurgence, driven by Ripple’s anticipated RLUSD stablecoin approval and bullish market sentiment. With prices reaching multi-year highs and futures markets reflecting rising institutional interest, XRP appears well-positioned for further growth. Investors now have their sights set on the $2 milestone, marking what could be the beginning of a new era for XRP.
