- XRP has seen remarkable growth, with seven-day gains reaching 30%, outperforming Bitcoin (BTC) and other major cryptocurrencies.
- Ripple is on track to receive approval to legally offer its RLUSD stablecoin to the public, with a possible launch date of December 4.
What happened
XRP’s market cap soared above $100 billion for the first time since 2018, driven by optimism around Ripple’s expanding market presence and potential regulatory milestones. The token posted impressive gains, with a 7-day increase of 30% and a 30-day surge nearing 300%. A key factor fueling this rally is Ripple’s RLUSD stablecoin, which is close to gaining regulatory approval for public offering, possibly launching on December 4. The rally began in early November following Republican wins in the U.S. elections, boosting confidence in tokens like XRP tied to U.S.-based Ripple Labs. Expectations for a more favorable regulatory climate and a potential XRP exchange-traded fund (ETF) further fueled optimism. Additionally, open interest in XRP futures reached record levels, with over 2 billion tokens ($2 billion) in positions, highlighting anticipation of continued volatility and upward momentum as bulls target the $2 mark.
Also read: SocGen brings EURCV stablecoin to XRP Ledger
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Why it is important
They showcase the token’s resurgence in the cryptocurrency market. Political changes, like Republican wins in the U.S., have renewed investor confidence in Ripple Labs, potentially signaling a friendlier regulatory environment. Expectations of an XRP exchange-traded fund (ETF) could bring institutional credibility and capital into the market. Record open interest in XRP futures, exceeding $2 billion, indicates heightened market activity and speculative confidence. These factors not only highlight XRP’s resilience but also its growing role in shaping the broader cryptocurrency landscape. As bulls aim for the $2 mark, XRP’s rise underscores its importance as a leading digital asset amid evolving financial and regulatory dynamics. This momentum could have a ripple effect, encouraging innovation and investment in the sector.
