Massive Daily XRP Jump: U.S. Stablecoin Law Fueled a Historic High
According to CoinMarketCap, the price of XRP has increased by about 20% in the last day, reaching an all-time high of $3.64.The cryptocurrency’s market capitalization has increased to $214 billion as a result of the significant shift.
Over the previous week, XRP has risen an incredible 32.06%, surpassing Ethereum, which has also been ablaze. The US House’s passage of important crypto rules, which, if enacted, might provide opportunities for the sector, has sparked an enormous movement.
The signing of the GENIUS Act cements the US’s future in being a leader in truly innovative financial technology – stablecoins,
Ripple CEO Brad Garlinghouse
RLUSD Stablecoin Could Drive Massive XRP Demand on the XRP Ledger
Since XRP is not a stablecoin, it is not covered by the GENIUS Act. However, the American corporation Ripple has introduced its own stablecoin, RLUSD, which will be subject to regulation. XRP, which is utilized as fees for RLUSD transactions, will be in high demand if a fully regulated stablecoin operates on the XRP Ledger.
Because XRP surged to $3.84 on several exchanges in January 2018, investor Micah Paul speculated that it might not be a real ATH. Nonetheless, the majority of crypto analytics platforms were previously priced at approximately $3.40. Moreover, according to CoinGecko, the total market capitalization of cryptocurrencies has surpassed $4 trillion for the first time ever due to surges in XRP and Ethereum prices.
Altcoin Rally: Ethereum, Cardano, and Dogecoin Surge as Bitcoin Stalls
Despite Bitcoin’s lackluster performance today, XRP is not the only cryptocurrency asset on the rise. The price of Ethereum surged by 8% during Friday morning’s Asian trading session, reaching a six-month high of $3,616. BlackRock’s ETHA spot Ether ETFs saw another record-breaking day of inflows on Thursday, with $546.7 million coming in and a total of well over $600 million. While Cardano increased 15% to reach $0.86 during the morning session, Dogecoin was also performing well, rising 12.18% to reach $0.2377 at the time of writing.
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