XRP News Today: Ripple XRP Surges 70% in a Month, Becomes Third-Largest Cryptocurrency

Ripple's XRP has achieved a new milestone, surpassing its previous all-time high and reaching over $3.65. This surge in value comes at a time when significant crypto regulations are being passed through Congress and the White House, marking a historic moment in the world of digital assets. The price of Ripple XRP briefly surpassed Tether, becoming the third-largest cryptocurrency in terms of market capitalization this week. The token gained over 70 percent in a span of one month, with institutional traders driving the interest in trading and the open interest in the derivatives markets reaching significant levels.

Ripple’s leadership celebrated the landmark legislation, with the CEO posting a message on social media. The approval of the GENIUS Act was hailed as the most crypto-friendly move by any U.S. administration to date. This act establishes a regulatory framework for stablecoins, requiring 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. The president stated that the legislation would release the potential of dollar-backed stablecoins and could become “the biggest financial tech revolution since the creation of the Internet”.

In addition to the GENIUS Act, two other bills have passed, introducing stricter control over digital commodities and preventing the Federal Reserve from directly issuing a retail central bank digital currency. These legislative changes have created a more favorable environment for digital assets, driving institutional demand for Ripple XRP. The green light given to an exchange-traded fund (ETF) by ProShares further fueled the momentum of Ripple XRP. The ETF, known as the Ultra XRP ETF (UXRP) on NYSE Arca, offers leveraged exposure to the price action of Ripple XRP, allowing professional traders and retail traders to aim at twice the daily returns of the token. Experts 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 regulatory attitude. ProShares expressed excitement about launching leveraged funds that will provide an opportunity to target the gains associated with industry leaders such as Solana and Ripple XRP.