XRP is up by 20% over the past 24 hours, cementing a historic run close to a new all-time high. Now near price-discovery mode, the asset surpassed all expectations while simultaneously cementing itself as the third most valuable digital asset in the entire market. 

The currency is trading at $3.64 per coin, a level unseen for the past 7.5 years. Furthermore, $XRP also achieved a market capitalization of $212 billion, surpassing Tether as the third most valuable currency by market cap. 

As all-time high conversations go, it’s tricky. While the altcoin achieved a valuation of $3,80 in 2018, many attribute this value to exchange glitches, and believe the “real” ATH sat around $3,40. But nonetheless, XRP could soon surpass even $3,84 if this momentum continues. 

So what happened? Let’s cover why XRP is up today.

Regulatory Clarity With Crypto-Focused Bills

The U.S. House of Representatives recently passed the GENIUS Act, a new regulatory framework for stablecoins in the United States. Meanwhile, the Clarity Act, a bill that aims to define digital assets, is now on its way to the Senate. 

As a crypto firm that has long been in regulators’ crosshairs, Ripple could have a lot to benefit from clearer regulations, and this sentiment can be seen in today’s XRP performance. 

Ripple Labs CEO Brad Garlinghouse celebrated the passing of the GENIUS Act, calling it the most significant financial regulation bill of the last 15 years. 

On that note, Ripple’s stablecoin RLUSD could also have played a role in XRP’s recent surge. The firm recently named America’s oldest banking institution, BNY Mellon, as RLUSD’s primary custodian. Now, on the verge of the GENIUS Act being signed into law, Ripple has positioned itself as a key player in the regulated stablecoin ecosystem.

Ripple Settles $125 Million Fine

After last month’s failed attempt to revisit the 2023 court decision, Ripple and the SEC have finally settled on a $125 million fine. The news was broken by former SEC regional director Marc Fagel, who also emphasized that the fine was paid in cash, and not $XRP.

While the case is still pending appeals, its confirmation could further cement Ripple’s legal standing and remove one of the longest-running clouds over XRP’s legitimacy in U.S. markets.

Leveraged XRP ETF Goes Live Tomorrow

Adding up to an already eventful day, a new XRP-based financial product is set to go live tomorrow, providing traditional investors with exposure to the altcoin, with leverage, as reported by CoinGape. 

The ProShares Ultra XRP ETF (UXRP) is scheduled to go live on July 18, alongside a similar exchange-traded fund based on Solana. As a leveraged ETF, the fund will target double of $XRP’s price movements, allowing investors to amplify gains (or losses) without directly holding the asset.

Back in April, the Teucrium 2x Long Daily XRP ETF (XXRP) marked the first leveraged XRP ETF to hit American markets. Now, as the SEC dissects new crypto ETF applications, investors are watching closely for signs of broader regulatory approval.

SEC Denies Rejecting XRP ETFs

A handful of XRP ETF applications were set to be reviewed today by the Securities and Exchange Commission. However, after it looked like the SEC would not meet the deadline, part of the investment community feared that this could be a sign that applications could be rejected. 

However, SEC Commissioner Hester Peirce clarified that the delays are not signs of rejection, emphasizing that the agency is still actively reviewing the filings and has issued requests for additional data rather than denying any applications.

“We’re not ruling out the listings. And even when you see delays, you shouldn’t assume that that’s ruling it out. There are just technical reasons for having to do that,” said Hester Peirce at David Lin’s podcast.

With regulatory clarity improving, new ETFs launching, and Ripple settling its legal battles, the conditions are lining up. The next few weeks will show whether this momentum can hold.

Want your trades to actually mean something this month? Join the WWFC challenge and trade your way into the top. We’ve already got the team set up — all you need to do is register, trade and go for a piece of the $900K prize pool.