XRP reaches an all-time high as Ripple crypto token climbs to a new high on the back of the new U.S. laws on crypto and the approval of ETF.
Ripple XRP is in the spotlight again. The digital currency rose to over $3.65, smashing every previous record and catching the attention of the world. This boom came at a time when significant crypto regulations passed through Congress and the White House, an event many refer to as a historic occasion in the world of digital assets
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The spike was recorded in the market data as the price of Ripple XRP surpassed the figure of 3.65 before dropping a bit to 3.41. The token gained over 70 percent in a span of one month. The interest in trading went through the roof and the open interest in the derivatives markets reached over 10 billion dollars. It was done by institutional traders, as Ripple XRP briefly surpassed Tether, becoming the third-largest cryptocurrency in terms of market capitalization this week.
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Ripple’s leadership weighed in on the landscape shift. With the caption, “Team Ripple at the White House, celebrating a historic day in crypto!” the CEO posted . I am enjoying the celebrations from a distance, even if I am unable to attend in person. The approval of the GENIUS Act, he said, was the most crypto-friendly move by any U.S. administration to date.
Landmark Crypto Laws Drive Ripple XRP’s Breakout
Landmark U.S. legislation turbocharged Ripple XRP’s ascent. Government officials greeted digital asset companies and stakeholders at a lavish signing in the White House East Room, as they welcomed the CLARITY and GENIUS Acts into law. The GENIUS Act establishes a regulatory framework for stablecoins and requires issuers to fully back each one-to-one with U.S. dollars or Treasury notes. The purpose of this action is to stabilize the financial system and upgrade the dollar to provide what the administration referred to as a 21st-century upgrade.
At the ceremony, the president stated that the legislation would release the potential of dollar-backed stablecoins that was immense, and continued by saying that the moment could become “the biggest financial tech revolution since the creation of the Internet”.
Two other bills have passed as well, which introduced stricter control over digital commodities and prevented the Federal Reserve from directly issue a retail central bank digital currency.
ProShares XRP ETF Launch Triggers Institutional Rush
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The green light given to an exchange-traded fund (ETF) by ProShares caused the momentum of Ripple XRP to go into overdrive. The ETF, which is now known as the Ultra XRP ETF (UXRP) on NYSE Arca, claims to offer leveraged exposure to the price action of Ripple XRP. The ETF allows professional traders and retail traders to aim at twice the daily returns of the token.
Experts in the field believe that the crypto market has finally entered its institutionalization phase, thanks to the ETF’s green light, the situation’s apparent legal certainty, and a change in U.S. regulatory attitude. According to ProShares, the company was excited to launch leveraged funds that will provide an opportunity to target the gains associated with industry leaders such as Solana and Ripple XRP.
