XRP achieved a market capitalization of over $100 billion late Saturday, extending its multi-week rally that has shown no signs of slowing. In the past seven days, XRP has surged by 30%, outperforming Bitcoin (BTC) and other major cryptocurrencies, while its 30-day gains have soared to nearly 300%, according to CoinGecko data.
On Friday to Saturday, XRP saw a significant 10% increase in just 24 hours, reaching a local peak of $1.92, marking levels not seen since January 2018 when it briefly touched an all-time high above $3.40.
This impressive move followed a report from Fox Business that the New York Department of Financial Services (NYDFS) has indicated it will approve Ripple’s RLUSD stablecoin. If approved, Ripple could launch the RLUSD token as early as December 4, opening the door to broader adoption of the coin in the public market.
Several key regulatory and fundamental factors have contributed to XRP’s strong performance over the past few weeks. Bulls are now targeting the $2 mark, signaling growing confidence in the token’s future potential.
The rally kicked off in early November after Republican victories in the U.S. elections sparked renewed investor confidence in U.S.-based tokens like XRP, which is tied to Ripple Labs. Additionally, speculation about a possible XRP exchange-traded fund (ETF) in the U.S., especially in light of a more lenient regulatory environment, has further fueled the price surge.
XRP’s futures market activity also reflects the growing enthusiasm, with over 2 billion tokens, valued at more than $2 billion, currently in open interest. This strong futures market participation signals heightened institutional interest and suggests continued volatility in the market.
