XRP surged past the $100 billion market cap late Saturday, continuing its multi-week rally that has gained significant momentum in recent weeks. The cryptocurrency saw an impressive 7-day increase of 30%, outperforming Bitcoin (BTC) and other major altcoins, with its 30-day gains reaching nearly 300%, according to CoinGecko data.

In just 24 hours from Friday to Saturday, XRP jumped nearly 10%, reaching a high of $1.92, marking a level not seen since January 2018 when it briefly touched its all-time high of over $3.40.

The surge in XRP’s price followed a report by Fox Business that the New York Department of Financial Services (NYDFS) had indicated it would approve Ripple’s RLUSD stablecoin. This potential approval would allow Ripple to legally offer RLUSD to the public, with a launch date possibly set for December 4.

Several factors, including regulatory developments and increasing institutional interest, have contributed to XRP’s bullish run. Traders are now eyeing the $2 mark as a potential next target, signaling renewed confidence in the token that has previously faced significant regulatory hurdles.

XRP’s rally gained traction in early November after Republican victories in the U.S. elections boosted investor sentiment towards U.S.-based tokens like XRP, which is closely associated with Ripple Labs. Additionally, the prospect of an XRP exchange-traded fund (ETF) in the U.S. has fueled optimism, especially with expectations for a more favorable regulatory environment.

XRP’s futures market has also seen a significant increase, with over 2 billion tokens (worth more than $2 billion) in open positions betting on further market volatility, underscoring the growing institutional interest in the cryptocurrency.