XRP New High US House Cryptocurrency Bills Drive Price Beyond 2018 Record with Trump’s Crypto Support
After the US House adopts historic cryptocurrency bills, XRP reaches a new high and breaks the 2018 record, rising more than 18% in a single day.
According to CoinDesk data, XRP, the native coin of the XRP Ledger, surged well above the $3.5 threshold in the latter hours of the US House session, rising 14% in a day. According to the report, the cryptocurrency’s market value also exceeded $200 billion.
Following the passage of three significant legislation by the US House of Representatives that would regularise stablecoins, XRP, the third-largest cryptocurrency globally, reached a new high on Thursday.
According to CoinDesk data, XRP, the native coin of the XRP Ledger, surged well above the $3.5 threshold in the latter hours of the US House session, rising 14% in a day. According to the report, the cryptocurrency’s market value also exceeded $200 billion.
According to CoinGecko data, XRP’s bullish run caused the cryptocurrency to soar above the record $3.4 mark from early 2018.
According to CoinGecko data as of 8 am, XRP has risen more than 18% in the previous day, reaching a high of $3.60.
Why is XRP increasing right now?
The Financial Times claim that US President Donald Trump will issue an executive order to allow cryptocurrency investments in the $9 trillion US retirement market, among other things, is the reason for the spike that XRP is experiencing this morning.
As early as this week, Trump is anticipated to sign an executive order opening retirement accounts “to alternative investments beyond traditional stocks and bonds,” according to the story, which cited three people with knowledge of the situation.
The news that the US House of Representatives passed three historic cryptocurrency laws that would establish a framework for stablecoin operations caused XRP prices to rise even further today.
The action was in line with the Trump administration’s pledge to support the once-contentious sector.
The GENIUS Act was easily approved by lawmakers and will now be sent to Trump for his signature before becoming law.
The Act, which was approved by the Senate last month, makes stablecoins—cryptocurrencies that are based on reliable assets like US bonds or the US dollar—legal. It requires issuers, like as banks and cryptocurrency businesses, to maintain reserves of assets worth the same as the whole value of their outstanding coin.
Legislators also passed the CLARITY Act without incident, and it will now need Senate approval before reaching Trump’s desk.
Clarifying industry regulations and dividing regulatory responsibility between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) are the goals of the measure.
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