XRP price surged more than 20% in the past 24 hours to break its own all-time high of $3.40 to hit $3.64 on Thursday. The price rally follows a wider crypto market that has gained new momentum due to significant bullish news and regulatory changes.
XRP has now surpassed Tether USDT to be the third-largest cryptocurrency with a market cap of more than $214 billion. This surge follows a series of major victories by Ripple, the firm associated with XRP.
In addition, Ripple has just resolved its protracted legal tussle with the U.S. Securities and Exchange Commission. The case, which had started several years back, concluded with a partial win for Ripple.Â
According to the court, not every sale of XRP was illegal under securities laws. This is because Ripple took bold steps like seeking a national bank charter and buying a prime brokerage firm, which are significant milestones of the crypto-native company.
Ripple might experience additional growth after as the GENIUS stablecoin bill was passed in the U.S. House on Thursday. The bill is soon to be signed into law by President Trump.
Ripple has already collaborated with BNY Mellon on its RLUSD stablecoin, which currently has a market cap of more than $517 million. To add to the hype, Co-founder of Ripple Chris Larsen transferred 30 million XRP to Coinbase earlier this week. Although it is not known whether he sold the tokens, the move has added more speculation.
XRP is gaining new momentum and making significant regulatory victories, and it does not intend to stop.
Also Read: XRP Price Rally Starts: Will It End at $4, $5 or Go On?
