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XRP flipped a $100 billion market capitalization late Saturday as a multiweek rally showed no signs of pausing amid multiple catalysts over the past weeks.
XRP zoomed nearly 10% in a 24-period from Friday to Saturday, reaching a local high of $1.92 to set prices previously seen in January 2018, when it briefly touched an all-time high above $3.40.
The surge brought 7-day gains to 30%, outperforming bitcoin (BTC) and other majors, while 30-day gains stand at nearly 300%, data from CoinGecko show.
Saturday’s move came following a <a href=”https://www.foxbusiness.com/markets/ripple-poised-new-york-approval-stablecoin-set-enter-regulated-us-crypto-market” target=”_blank”>Fox Business</a> report that the New York Department of Financial Services had indicated to payments firm Ripple — closely related to XRP — about approving the company’s RLUSD stablecoin.
Ripple will be allowed to legally offer the RLUSD token to the public if approved, with a possible launch date of Dec. 4
Several fundamental and regulatory developments have pushed the XRP price in the past weeks, with bulls now eyeing the $2 mark in a sign of renewed strength for the previously embattled token.
The rise started in early November after Republican victories in the U.S. elections renewed investor confidence in tokens with links to U.S. companies, such as XRP’s closely related Ripple Labs. Some traders also expect an XRP exchange-traded fund (ETF) in the U.S., especially those anticipating a more lenient regulatory environment.
XRP and U.S. dollar-denominated open interest set new record levels last week, with over 2 billion tokens (worth more than $2 billion at current prices) in futures positions betting on further market volatility.
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