XRP rose above the $2 threshold on Friday for the first time since mid-December, building on a strong start to 2026 as traders cited steady spot ETF inflows and a shifting U.S. regulatory backdrop.

According to data from SoSoValue, U.S. spot XRP ETFs recorded net inflows of $13.59 million on Jan. 2, bringing total inflows since launch to $1.18 billion. The consistent demand has supported XRP’s near-term supply-and-demand balance, even as broader crypto markets remain rangebound.

The move comes as market participants reassess the regulatory environment following the departure of SEC Commissioner Caroline Crenshaw, a development some see as easing resistance to more crypto-friendly policies. Crenshaw had been a prominent critic of crypto spot ETFs and had opposed the SEC’s decision to drop its appeal in the Ripple case, according to market commentary.

Legislative expectations also contributed to the advance. Traders pointed to a potential Market Structure Bill markup scheduled for Jan. 15, which has kept policy optimism elevated into the first quarter and helped drive XRP’s relative outperformance.

XRP’s gains stood out against mixed flows across other major crypto ETFs. The same data showed softer demand for bitcoin funds, reinforcing the view that XRP’s rally is being driven by asset-specific factors rather than a broad-based risk-on move.

XRP was last trading just above $2, up roughly 8% on the day. Bitcoin hovered a little above $90,000, while ether traded near $3,000, both registering only modest gains.