XRP crossed the $100 billion market cap late on Saturday, continuing its strong multi-week rally that has shown no signs of slowing down. The digital asset posted a 7-day gain of 30%, outpacing Bitcoin (BTC) and other major cryptocurrencies, with a stunning 30-day increase of nearly 300%, according to CoinGecko data.

Over a 24-hour period from Friday to Saturday, XRP surged by almost 10%, hitting a high of $1.92, a price level not seen since January 2018, when it briefly peaked above $3.40.

This surge in price followed a report from Fox Business that the New York Department of Financial Services (NYDFS) had informed Ripple, the company behind XRP, that it is likely to approve the company’s RLUSD stablecoin. If approved, Ripple would be able to launch RLUSD to the public, with the possibility of the stablecoin going live as early as December 4.

XRP’s price rally has been driven by a combination of fundamental and regulatory factors. Investors are now eyeing the $2 mark as the next target, indicating a renewed sense of optimism for a token that has faced regulatory challenges in the past.

The upward trend began in early November following the Republican victories in the U.S. elections, which helped to restore investor confidence in U.S.-based tokens like XRP, tied to Ripple Labs. Additionally, speculation around the potential launch of an XRP exchange-traded fund (ETF) has further fueled the rally, with traders anticipating a more favorable regulatory environment.

XRP’s futures market is also reflecting this heightened interest, with more than 2 billion tokens, worth over $2 billion, now in open positions, signaling strong institutional participation in the cryptocurrency’s ongoing market volatility.