The price of XRP, the native token of Ripple, has skyrocketed by over 40% in the past week, amid a confluence of positive developments for the cryptocurrency.

Per data from CoinGecko, the price of XRP currently stands at $0.6097, up 7.2% on the day and 40.6% on the week, with the cryptocurrency also overtaking Solana in 24-hour trading volume.

They include the launch of new financial instruments for XRP and a potential shift in the regulatory landscape.