The cryptocurrency XRP has significantly increased its market value and trading volume, taking leading positions on major exchanges.
Growth in XRP Trading Volume
XRP has recorded a 24-hour trading volume of $1.38 billion on the Coinbase platform, briefly claiming the top position by volume on the platform. XRP's price reached $3.54, reflecting a 12.38% increase over 24 hours and 36.79% over seven days. XRP’s market capitalization has surpassed $216 billion, making it the third-largest digital asset, surpassing Tether (USDT).
Regulatory Initiatives in the U.S.
The spike in XRP trading coincided with the U.S. House of Representatives passing two significant bills, the GENIUS Act and the Digital Asset Market CLARITY Act. These bills have received robust bipartisan support and offer explicit regulations on stablecoins, removing legal uncertainty regarding XRP's classification as a security. The GENIUS Act requires stablecoin issuers to maintain one-to-one dollar reserves and boosts transparency standards. The CLARITY Act clarifies jurisdictional provisions involving digital assets between the SEC and CFTC.
Ripple's Banking Ambitions and ETF Outlook
Ripple's recent filing for a U.S. banking license and Federal Reserve master account signals a broader push into the regulated financial system. This approval would allow Ripple direct access to federal payment networks, potentially positioning Ripple as a settlement layer in cross-border payments. Concurrently, institutional demand is rising, with VivoPower and Webus disclosing plans to purchase $421 million in XRP to diversify their treasuries. Additionally, the prospects for a U.S.-listed spot XRP ETF have generated market interest, with an 85% chance that the SEC will approve such a product by 2025.
Given the current market conditions and new regulatory initiatives, XRP is experiencing a noticeable increase in interest and investments, which may further strengthen its positions in the market.
