XRP, the fifth-largest cryptocurrency by market cap, is making headlines after a sharp price increase. Trading volumes soared by 130% in the last 24 hours, pushing XRP close to the $2 mark. This rally is one of its most significant since 2018, driven by positive market sentiment and regulatory news.
XRP’s Price Surge Reignites Market Interest
Over the weekend, XRP climbed to $1.949, marking a 17.46% increase within 24 hours. This surge extended XRP’s bullish streak to a fourth consecutive day. Trading activity spiked on major exchanges, with total volume reaching $18.55 billion, or 9.77 billion XRP.
The token’s rise began earlier in November, gaining momentum from favorable developments in Ripple’s regulatory landscape. Broader market trends have also been bullish, with Bitcoin and Ethereum posting gains, boosting overall confidence in cryptocurrencies.
Regulatory News Fuels Momentum
XRP’s upward trajectory is partly fueled by optimism surrounding Ripple Labs’ upcoming stablecoin launch. Reports suggest that the New York Department of Financial Services (NYDFS) is likely to approve Ripple’s dollar-pegged stablecoin, RLUSD, in early December.
This development, coupled with growing interest in Ripple’s expanding ecosystem, has increased investor enthusiasm for XRP. Analysts believe the anticipated stablecoin launch could further solidify Ripple’s market position and fuel longer-term growth for XRP.
Can XRP Break the $2 Barrier?
As XRP approaches the $2 threshold—a level not seen since the 2018 bull run—the market is closely monitoring its performance. Speculation is rising that this rally could signify the start of a sustained upward trend.
Whether XRP can maintain its momentum will depend on several factors, including broader market sentiment and the impact of regulatory announcements. For now, the rally has reignited excitement around one of the most popular cryptocurrencies in the market.
