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$XRP, the fifth-largest cryptocurrency by market capitalization, has seen a spike in trading activity in the last 24 hours. $XRP trading volumes have increased by 130% with its price hitting highs of $1.949 in the early Saturday trading session.
$XRP's meteoric rise pushed it closer to breaking the $2 threshold, a level not seen since its 2018 bull run. The token’s trading volumes spiked across major exchanges, with traders capitalizing on the bullish momentum.
According to CoinMarketCap, $XRP's trading volume came in to $18.55 billion or 9.77 billion $XRP, representing a 130% increase.
At the time of writing, $XRP was up 17.46% in the last 24 hours to $1.90, extending its surge into the fourth consecutive day since Nov. 27. The sharp uptick marks one of the most significant movements for $XRP in recent months, reigniting interest in the market.
$XRP nears $2
$XRP began to rise from Nov. 4 lows of $0.50, boosted by favorable regulatory developments and broader market sentiment.
The broader cryptocurrency market has been experiencing a bullish trend, with major cryptocurrencies like Bitcoin and Ethereum also seeing significant gains. This general bullish market sentiment has most certainly contributed to the rising interest in $XRP.
Positive news on the impending Ripple stablecoin launch might have also contributed to the latest $XRP surge.
The New York Department of Financial Services (NYDFS) is anticipated to approve Ripple Labs’ RLUSD stablecoin in the coming days, according to Fox Business sources.
According to a Fox Business article from Nov. 29, approval of the dollar-pegged stablecoin by the New York banking regulator could see the product launch as early as Dec. 4.
As $XRP nears the $2 mark, the market is closely watching $XRP's performance, with many speculating that this surge could be the beginning of a longer-term upward trend.