Amid intense bullish momentum, Ripple’s native cryptocurrency XRP has surged above $3.50 with approximately 14% gain in 24 hours. The third-biggest cryptocurrency, XRP’s market capitalization, has also crossed the $207.39 billion mark, according to CoinMarketCap.
(Source: X)
While many people are considering this height as a new all-time high, others point out the point on the chart, $3.84, calling it an actual ATH.
However, Ripple CTO David Schwartz has officially dismissed the long-standing debate about XRP’s all-time high, clarifying that the $3.84 price tag was artificially inflated. The figure, often linked to 2018 Korean exchange data, did not reflect the actual tradable value due to skewed currency exchange rates.
XRP Soars after SEC Approves First XRP ETF
XRP rallied sharply after Ripple CEO Brad Garlinghouse announced that his company and the SEC had decided to drop their appeals, ending the year-long legal battle. This came after the Judge earlier made clear that the token itself is not a security when traded publicly. However, this is not the only factor that triggered bullish momentum in the cryptocurrency.
On July 17, the US House passed three major crypto bills in a single day, and now the stablecoin-focused GENIUS Act is heading to President Donald Trump for final approval, where it will become the first crypto legislation. This bill defines regulations for USD-pegged stablecoins, including Ripple Labs’ RLUSD.
Brad Garlinghouse praised these legislation efforts, saying, “The last major financial regulation bill was passed 15 years ago in response to the 2008 financial crisis. Tomorrow, the signing of the GENIUS Act cements the US’s future in being a leader in truly innovative financial technology – stablecoins. This moment is a historic one, and I, for one, am looking forward to all that is to come as a result of this transformational legislation.”
Shockingly, Chris Larsen, Ripple’s co-founder, sent over 8 million XRP (worth $26 million) to Coinbase this week, according to blockchain records.
On July 14, the US Securities and Exchange Commission approved the ProShares Ultra XRP ETF, which is the first leveraged XRP exchange-traded fund to receive regulatory clearance. The ETF will be listed on NYSE Arca and is likely to open for investment on July 18.
The ETF is designed to deliver double the daily returns of the cryptocurrency’s price movements, enabling amplified gains within each trading session. Instead of holding XRP directly, the fund tracks regulated derivative contracts, ensuring compliance with SEC requirements while providing synthetic exposure.
Also Read: US House Approves 3 Crypto Bills, GENIUS Act Heads to Trump
