- With a market valuation of $141.8 billion, XRP—which is mostly linked to Ripple Labs—surpassed USDT’s $134.5 billion.
After bitcoin and ether, XRP is now the third-largest cryptocurrency in the world by surpassing Tether’s USDT stablecoin in market capitalization.
As of this writing, XRP, which is primarily linked to Ripple Labs, has a market valuation of $141.8 billion, which is more than USDT’s $134.5 billion.
XRP increased by 30% in the last day to $2.46. In the last month, it has increased by 364.1 percent.
The spike in XRP comes after it recently overtook Solana in terms of market capitalization over the weekend. Ethereum gained 0.68% to trade at $3,721, while Bitcoin increased 1.28% to trade at $97,862. Solana slightly decreased by 0.96% to $235.84.
The announcement last week that NYDFS is almost ready to approve Ripple’s stablecoin, RLUSD, appears to have been the catalyst for XRP’s recent surge.
With the business aiming for a potential launch date of December 4, Fox News reported on Friday that the New York Department of Financial Services may soon approve Ripple’s RLUSD stablecoin, according to people familiar with the situation.
The recent revelation by Securities and Exchange Commission Chair Gary Gensler that he will be leaving his position in January may also have an impact on XRP’s price movement. Since 2020, the SEC has been battling Ripple in court, alleging that the company raised $1.3 billion by selling XRP, which it considered to be an unregistered security.
Gensler’s resignation is also advantageous since it indicates that many of the SEC’s pending cases, including the appeal against Ripple, will probably be settled or withdrawn under new leadership. The duration of the rally is hard to predict. The XRP community may be able to use the RLUSD to foster the XRP Ledger environment and generate value. Without the distraction caused by the SEC litigation, Ripple will undoubtedly be in a better position to do so.
Additionally, market players are keeping an eye on the potential of spot XRP exchange-traded funds. Bitwise, Canary Capital, and 21Shares are among the asset managers who have applied for XRP ETFs.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
