XRP, the third largest cryptocurrency in the world, scaled a fresh peak on Thursday after the US House of Representatives passed three major bills paving way to regularise stablecoins.
XRP, the native token of the XRP Ledger, shot up to above the $3.5 level in the later hours of the US House session, rallying 14 per cent in 24 hours, according to CoinDesk data. The crypto coin also topped the $200 billion mark in market capitalisation, the data showed.
The bullish run of XRP made the crypto coin surge past the record $3.4 mark from early 2018, CoinGecko data shows.
XRP scaled a high of $3.60, up by over 18 per cent in the last 24 hours, CoinGecko data at 8 am showed.
Why is XRP rising today?
The rally that XRP is seeing this morning can be attributed to a Financial Times report that US President Donald Trump will sign an executive order to open the $9 trillion American retirement market to cryptocurrency investments among other things.
According to the report quoting three people familiar with the matter, Trump is expected to sign an executive order as early as this week to open up retirement plans “to alternative investments beyond traditional stocks and bonds”.
(This is a developing story. Check back for updates)
