- XRP tapped $3.66, breaking its 2018 all-time high on Friday.
- The total crypto market cap crossed $4 trillion for the first time.
After two full bear markets and a drawn-out fight with the Securities and Exchange Commission, XRP has finally shattered its 2018 record.
“XRP is just showing off at this point,” wrote Michael Arrington, founder of Arrington Capital, a digital asset investment firm and major backer of XRP, as the token surged past its 2018 peak to tap a new high of $3.66 on Friday.
And it’s not the only one celebrating.
Indeed, the wider crypto market just smashed through the $4 trillion value mark for the first time.
The rally comes amid a wave of historic pro-crypto policy wins in Washington, including the passage of three major bills in the House and a reported upcoming executive order from US President Donald Trump that could unlock the $9 trillion US retirement market for digital assets.
Trump is preparing to sign an executive order that would open up 401k retirement plans to alternative investments like cryptocurrencies and private equity, according to the Financial Times.
If enacted, the order would remove key regulatory hurdles, allowing exposure to major digital assets like XRP, Bitcoin, and Ethereum to flow into professionally managed retirement accounts for the first time.
The legislative tailwind is just as strong.
On Thursday, the House passed the Clarity Act, which would assign crypto market oversight to the Commodity Futures Trading Commission.
It also cleared the Genius Act, which allows banks and companies to issue their own stablecoins. Now, it’s heading to the desk of the Oval Office next, where Trump has all but promised to rubber stamp it into law.
Both bills passed with bipartisan support.
The third bill that passed, known as the Anti-CBDC Surveillance State Act, would prohibit the Federal Reserve from issuing a digital currency.
XRP rallies
XRP, long hampered by regulatory uncertainty and its high-profile legal fight with the SEC, has surged nearly 70% in the past 30 days.
That momentum recently pushed XRP past Tether to become the third-largest crypto by market cap.
Analysts say demand from institutions is helping power the rally, with XRP-focused investment products like leveraged exchange-traded funds and futures funds drawing significant inflows.
Crypto market movers
- Bitcoin has gained 1.9% in value over the past 24 hours and is trading at $120,350.
- Ethereum is up 7.1% in the same period to $3,660.
What we’re reading
- Privacy talk off-limits in Roman Storm trial, prosecutors argue — DL News
- $900M in TRUMP Memecoins Set for Crypto Week Unlock — Unchained
- Crypto theft is booming as criminals increasingly turn to physical attacks — CNBC
- Coinbase launches the ‘everything app’ — Milk Road
- Ethereum ETFs gobble up $720m investment record in ‘clear acceleration’ to outpace Bitcoin — DL News
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
