XRP Achieves $100B Market Cap, Matching 2018 Price Levels, as Ripple’s RLUSD Nears Green Light

XRP crossed the $100 billion market cap late on Saturday, continuing a multiweek rally that has propelled the cryptocurrency to new heights. The recent surge has resulted in a 7-day gain of 30%, outperforming Bitcoin (BTC) and other major digital assets, with its 30-day performance nearing an astonishing 300%, according to CoinGecko data.

In the 24 hours leading into Saturday, XRP saw a near 10% jump, reaching a local high of $1.92, a level not seen since January 2018, when the token briefly surpassed $3.40 for its all-time high.

The rally follows a report by Fox Business stating that the New York Department of Financial Services (NYDFS) has signaled approval for Ripple, the payments firm behind XRP, to launch its RLUSD stablecoin. Ripple would be permitted to offer RLUSD to the public, with a potential launch set for December 4, pending approval.

XRP’s rise has been fueled by a series of fundamental and regulatory developments in recent weeks, with many traders now setting their sights on the $2 mark, signaling growing strength for the token that has faced regulatory challenges in the past.

The bullish momentum kicked off in early November after Republican victories in the U.S. elections restored confidence in tokens linked to U.S.-based companies, including Ripple Labs, XRP’s closely associated parent company. Additionally, there are increasing expectations for an XRP exchange-traded fund (ETF) in the U.S., especially with hopes for a more favorable regulatory climate.

The surge has been accompanied by a record-setting increase in XRP’s open interest in futures contracts, with over 2 billion tokens (valued at over $2 billion) in U.S. dollar-denominated positions, betting on continued market volatility.