XRP has made a stunning comeback, reclaiming a $100 billion market capitalization over the weekend. This surge not only places XRP back in the spotlight but also highlights growing investor optimism fueled by upcoming developments surrounding Ripple’s RLUSD stablecoin.
Unprecedented Gains Outperform Major Cryptos
XRP’s impressive rally continues to outperform major cryptocurrencies like Bitcoin (BTC). Over the last 7 days, XRP recorded a 30% gain, while its 30-day performance surged close to 300%, according to data from CoinGecko. On Saturday, XRP climbed nearly 10% within 24 hours, hitting a local high of $1.92—levels not seen since January 2018, when XRP peaked at an all-time high above $3.40.
Ripple’s RLUSD Stablecoin Nearing Approval
The price rally gained further momentum after Fox Business reported that the New York Department of Financial Services (NYDFS) is close to approving Ripple’s RLUSD stablecoin. If granted, Ripple will be legally allowed to offer RLUSD to the public, with a potential launch date set for December 4. This news has positioned Ripple and XRP as central players in the evolving crypto regulatory landscape.
Bulls Eye $2 Mark as Confidence Rebuilds
Several catalysts have contributed to XRP’s strong performance, with bullish investors now targeting the $2 mark. This renewed strength signals a reversal for the previously embattled token, which had struggled amid regulatory hurdles in past years.
Key Factors Driving XRP’s Surge:
- Regulatory Developments: Approval of RLUSD could mark a pivotal moment for Ripple, driving confidence in XRP.
- U.S. Political Shifts: Republican victories in recent U.S. elections have renewed optimism for tokens linked to U.S.-based companies, including Ripple Labs.
- Speculation on XRP ETFs: Traders are increasingly hopeful for a U.S.-approved XRP Exchange-Traded Fund (ETF), especially amid expectations of a more favorable regulatory climate.
Market Indicators Point to Growing Investor Interest
Investor enthusiasm is also reflected in XRP futures markets. Open interest in XRP futures—denominated in U.S. dollars—hit record highs last week. Over 2 billion XRP tokens are now tied up in futures contracts, representing a staggering $2 billion at current market prices. This spike highlights growing bets on continued volatility and upward momentum for XRP.
With XRP regaining a $100 billion market cap, reaching multi-year price highs, and Ripple’s RLUSD stablecoin nearing approval, the token is undeniably entering a phase of renewed growth. Bulls remain optimistic, with the coveted $2 price level firmly within reach. As regulatory clarity emerges and market interest soars, XRP could solidify its position as a top-performing asset in the crypto market.
