XRP, the fifth-largest cryptocurrency by market capitalization, has seen an increase in trading activity in the last 24 hours. XRP trading volume has increased by 130%, with the price reaching a high of $1,949 in the early trading session on Saturday.

XRP’s meteoric rise brought it closer to the $2 threshold, a level not seen since its 2018 bull run. The token’s trading volume skyrocketed across major exchanges, with traders benefiting from the bullish momentum.

According to CoinMarketCap, XRP trading volume reached $18.55 billion or 9.77 billion XRP, an increase of 130%.

Related

At the time of writing, XRP is up 17.46% in the last 24 hours to $1.90, continuing its fourth consecutive day since November 27th. The sharp rise marks one of the most significant moves for XRP in recent months and has reignited interest in the market.

XRP is approaching $2

XRP started rising from the low of $0.50 on November 4th, driven by favorable regulatory developments and overall market sentiment.

The broader cryptocurrency market is experiencing an uptrend, with major cryptocurrencies such as Bitcoin and Ethereum also seeing significant gains. This overall bullish market sentiment has certainly contributed to the increasing interest in XRP.

Related

Positive news about the upcoming launch of stablecoin Ripple may also have contributed to the recent XRP rise.

According to Fox Business sources, the New York Department of Financial Services (NYDFS) is expected to approve Ripple Labs’ stablecoin RLUSD in the coming days.

According to a Nov. 29 Fox Business article, approval of the dollar-pegged stablecoin by New York’s banking regulator could see the product launch as early as Dec. 4.

As XRP approaches $2, the market is closely monitoring XRP’s performance, with many speculating that this rise could be the start of a longer-term uptrend.