Ripple surges 300% in one month... Surpasses $2 on expectations of stablecoin approval

Ripple (XRP) has soared again, surpassing $2 for the first time in six years and its market capitalization surpassing $100 billion.
As of 6 a.m. on the 2nd, CoinMarketCall, a global coin market relay site,
While Bitcoin has been showing signs of strength, Ripple, the fourth-largest cryptocurrency by market capitalization, surged 13.86% from 24 hours ago to $2.16 (about 324 yen).
This is the first time Ripple has topped $2 in six years, since January 2018. This has led to a 52.50% surge in the past week.
During the same period, Bitcoin only rose 0.29%. Notably, Ripple surged more than 300% on a one-month basis.
This comes after the New York Department of Financial Services ordered Ripple issuer RipRap to issue the stablecoin RLUSD.
If approved, Ripple will be able to legally offer the RLUSD token to the public, with a launch date of December 4th.
Ripple has experienced significant price fluctuations since 2020 when the U.S. securities regulator, the Securities and Exchange Commission (SEC), deemed it an unlisted security and filed a lawsuit against it.
In this situation, if the stablecoin issued by Ripple is approved, it is expected to restore price stability.
Not only that, some traders are also looking forward to a Ripple exchange-traded fund (ETF).
As the Trump administration is expected to significantly relax regulations on cryptocurrencies, a Ripple ETF is also expected to be launched soon.
The news that cryptocurrency-hostile SEC Chairman Gary Gensler will step down on January 20th next year has also helped push Ripple up.
The combination of factors has led to Bitcoin being locked in a sideways trend as of late, while Ripple has been rallying daily.