XRP, the fifth-largest cryptocurrency by market capitalization, has seen a spike in trading activity in the last 24 hours. XRP trading volumes have increased by 130% with its price hitting highs of $1.949 in the early Saturday trading session.

XRP's meteoric rise pushed it closer to breaking the $2 threshold, a level not seen since its 2018 bull run. The token’s trading volumes spiked across major exchanges, with traders capitalizing on the bullish momentum.

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According to CoinMarketCap, XRP's trading volume came in to $18.55 billion or 9.77 billion XRP, representing a 130% increase.

At the time of writing, XRP was up 17.46% in the last 24 hours to $1.90, extending its surge into the fourth consecutive day since Nov. 27. The sharp uptick marks one of the most significant movements for XRP in recent months, reigniting interest in the market.

XRP nears $2

XRP began to rise from Nov. 4 lows of $0.50, boosted by favorable regulatory developments and broader market sentiment.

The broader cryptocurrency market has been experiencing a bullish trend, with major cryptocurrencies like Bitcoin and Ethereum also seeing significant gains. This general bullish market sentiment has most certainly contributed to the rising interest in XRP.

Positive news on the impending Ripple stablecoin launch might have also contributed to the latest XRP surge.

The New York Department of Financial Services (NYDFS) is anticipated to approve Ripple Labs’ RLUSD stablecoin in the coming days, according to Fox Business sources.

According to a Fox Business article from Nov. 29, approval of the dollar-pegged stablecoin by the New York banking regulator could see the product launch as early as Dec. 4.

As XRP nears the $2 mark, the market is closely watching XRP's performance, with many speculating that this surge could be the beginning of a longer-term upward trend.$XRP