$XRP Hits $2, Displaces Solana as the Fourth Largest Cryptocurrency
$XRP price and market cap witness a dramatic surge and a new high within the last 24hour crossing $2 and 100 Billion cap respectively
December 1st, 2024, marked a major milestone for $XRP surpassing a $100 billion market capitalization and hitting a new all-time high of $2. Building on a multi-week rally, the remarkable surge reflects a renewed wave of investor confidence in the previously embattled token.
The price increase itself was dramatic. Between Friday and Saturday, $XRP experienced a near 17% surge, reaching a local high of $1.92 – its highest level since January 2018, when it briefly touched its all-time high of $3.40.
Furthermore, this performance significantly outpaced other major cryptocurrencies, with XRP boasting 7-day gains of 30% and a staggering nearly 300% increase over the past 30 days, according to CoinGecko data.
$XRP Resurgence After Months of SEC Battles
Notably, several key factors have contributed to this resurgence. One prominent catalyst is the regulatory landscape. A report by Fox Business suggested Ripple is on the verge of securing approval for its RLUSD stablecoin from New York regulators.
The impending approval, potentially as early as December 4th, would grant Ripple legal permission to offer RLUSD to the public, a development with far-reaching implications for the company and its flagship token, XRP.
Beyond the immediate prospect of RLUSD, broader regulatory sentiment has played a pivotal role. The Republican victories in the recent U.S. elections have fostered optimism among investors, fueling expectations of a more crypto-friendly regulatory environment. Nonetheless, this shift in the political landscape has undoubtedly contributed to the improved outlook for XRP and the cryptocurrency market as a whole.
Further bolstering the bullish sentiment is the speculation surrounding a potential XRP-focused exchange-traded fund (ETF) in the U.S. The anticipation of a more lenient regulatory approach toward crypto-linked financial products has significantly influenced market activity, with traders eagerly anticipating the launch of such an ETF.
The increased market activity is reflected in the futures market. 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 significant volume highlights the heightened market activity and the expectations of continued price volatility.
