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XRP Surges 20% on US Stablecoin Regulation Green Light
Ripple’s cross-border payments token has surged to an all-time high as crypto markets rally on Friday. The sudden and impressive gain of almost 20% over the past 24 hours propelled XRP prices to a record-breaking $3.64, according to CoinGecko.
While some may be concerned that this is not necessarily the highest price XRP has reached in the past (some exchanges reportedly showed a peak of $3.84 in January 2018), most analytics platforms agree that the current all-time high stands at around $3.40. Regardless, it’s clear that investors have been emboldened by the news.
A surge like this is not without precedent for XRP, which has historically been known to be highly sensitive to regulatory developments. The recent green light given by the US House passing key crypto regulations could potentially unlock new opportunities for Ripple and other crypto companies, driving demand for its native token XRP.
As many have pointed out, however, it’s important to note that XRP is not a stablecoin itself. Rather, Ripple has launched RLUSD, a regulated stablecoin running on the XRP Ledger, which will undoubtedly drive interest in the underlying asset.
The recent market capitalization of over $214 billion puts XRP firmly in third place among all cryptocurrencies, with only Bitcoin and Ethereum sitting higher.
Source: cryptopotato.com
