XRP News Today: XRP Surges 20% to $3.64 on US Crypto Regulations

XRP, the cryptocurrency associated with Ripple, has seen a remarkable surge, climbing by 20% to reach an all-time high of $3.64. This significant increase has propelled XRP's market capitalization to approximately $214 billion, positioning it as the third-largest cryptocurrency by market size, comparable to that of fast food giant McDonald’s.

This surge can be attributed to several key factors, with regulatory developments in the U.S. playing a pivotal role. The U.S. House has passed key crypto regulations, which, if signed into law, could pave the way for significant growth in the cryptocurrency industry. The GENIUS Act, in particular, is seen as a major step forward in establishing the U.S. as a leader in innovative financial technology, specifically in the realm of stablecoins.

Ripple CEO Brad Garlinghouse highlighted the importance of this regulatory green light, stating that it "cements the US’s future in being a leader in truly innovative financial technology – stablecoins." While XRP itself is not a stablecoin and thus not directly affected by the GENIUS Act, Ripple has launched its own stablecoin, RLUSD, which will be regulated. This move is expected to drive demand for XRP, as it is used for transaction fees on the XRP Ledger for RLUSD transactions.

The surge in XRP's price has also been accompanied by a broader bullish sentiment in the cryptocurrency market. Ethereum, for instance, has also seen significant gains, outperforming many other cryptocurrencies. This overall market optimism has contributed to the total crypto market capitalization exceeding $4 trillion for the first time, according to some analytics platforms.

Investor Micah Paul noted that the current price of $3.64 might not be a true all-time high, as XRP spiked to $3.84 on some exchanges in January 2018. However, most crypto analytics platforms had the previous peak price at around $3.40, indicating that the current surge is indeed a significant milestone.

The regulatory clarity provided by the U.S. House's passage of key crypto regulations has not only boosted XRP but also fueled optimism and confidence among investors. This regulatory green light is expected to embed stablecoins into the core of markets, further driving the momentum for XRP and other cryptocurrencies. As the cryptocurrency market continues to evolve, XRP is well-positioned to benefit from the growing interest in stablecoins and the increasing demand from institutional investors.