XRP News Today: XRP Hits All-Time High $3.65 Amid U.S. Crypto Legislation

Ripple’s XRP has reached a significant milestone, achieving an all-time high of $3.65, surpassing its previous record of $3.40 set in January 2018. This surge marks the end of a prolonged period of price stagnation for the cryptocurrency. The market capitalization of XRP has also broken through the $200 billion threshold, solidifying its position as a major player in the cryptocurrency market. This development comes amidst a backdrop of increasing interest and legislative activity surrounding cryptocurrencies in the United States.

The recent price rally of XRP has been particularly notable, with the token gaining 36% over the past seven days. This performance has allowed XRP to overtake USDT in market capitalization, ranking third among all cryptocurrencies. The surge in XRP's value has been driven by a combination of factors, including a $30 million transfer to Coinbase and the passage of U.S. crypto legislation, which has created a favorable environment for the cryptocurrency.

The market capitalization of XRP has now surpassed $200 billion, reflecting the growing confidence and investment in the token. This milestone is a testament to the resilience and potential of XRP, which has weathered various market challenges over the years. The recent price discovery phase for XRP indicates that the token is entering a new era of growth and adoption, with investors and traders taking notice of its potential.

The surge in XRP's value has also been accompanied by a broader rally in the altcoin market, with other cryptocurrencies experiencing significant gains. This trend suggests that the overall market sentiment towards cryptocurrencies is positive, with investors seeking out opportunities in the space. The recent developments in the U.S. crypto legislation have also contributed to the bullish sentiment, as they provide a clearer regulatory framework for the industry.

The all-time high of $3.65 for XRP is a significant achievement for the cryptocurrency, which has been in development for over seven years. The token's journey has been marked by both challenges and successes, and the recent price rally is a testament to its enduring appeal and potential. As the cryptocurrency market continues to evolve, XRP is well-positioned to capitalize on the growing interest and investment in the space.

Ripple, the blockchain payments company closely related to XRP, has been making strategic moves to strengthen its position in the market. In April, the company acquired a prime brokerage firm, Hidden Road, marking a significant step in its institutional ambitions. Additionally, Ripple's application for a U.S. banking license has sparked renewed interest in XRP, further bolstering its market standing.

Ripple is also well-positioned to benefit from the recent passage of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which aims to regulate stablecoins. This legislation, now forwarded to the President for final approval, provides a clearer regulatory framework for the industry, potentially benefiting Ripple and XRP.

Furthermore, Ripple has partnered with BNY Mellon to custody reserve assets backing its US dollar-pegged stablecoin RLUSD, which has exceeded a $517 million market cap. The company has also filed for a Federal Reserve master account, which would allow it to hold RLUSD reserves directly with the Fed and further integrate with the U.S. financial system. These strategic moves underscore Ripple's commitment to expanding its presence in the financial sector and leveraging its technology to drive innovation.