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XRP Surges 20% on US Stablecoin Regulation Green Light
Ripple’s cross-border payments token has skyrocketed by nearly 20% over the past 24 hours, pushing its price to an all-time high of $3.64 according to CoinGecko. This substantial increase in value comes as a response to the US House passing key crypto regulations, which could open doors for the industry if signed into law.
The massive surge has propelled XRP’s market capitalization to over $214 billion, cementing its position as the third-largest cryptocurrency on the market. It is worth noting that this price spike can be attributed to the company’s own stablecoin project, RLUSD, which will be regulated under these new regulations. This potential regulatory framework could lead to increased demand for XRP, as it is used to process fees for transactions within the RLUSD system.
XRP investor Micah Paul has suggested that the current all-time high may not hold true, citing a prior ATH of $3.84 on some exchanges in January 2018. However, most crypto analytics platforms had recorded a previous peak price at around $3.40 during this period.
The sudden rally in the cryptocurrency market saw total capitalization surpass the $4 trillion mark for the first time ever, according to CoinGecko and other prominent platforms such as TradingView and CoinMarketCap.
Source: cryptopotato.com
