Ripple’s XRP has overtaken the market capitalisation of the stablecoin Tether (USDT) to become the third-largest cryptocurrency in the market. With a market capitalisation exceeding $138 billion, as reported on Coinmarketcap.com, XRP now ranks only behind Bitcoin and Ethereum.
Tether, a stablecoin designed to avoid the volatility typical of other cryptocurrencies, still holds a market capitalisation of over $134 billion. Bitcoin continues to dominate the market with a capitalisation of more than $1.9 trillion, followed by Ethereum at $444.4 billion.
The Rise of XRP
XRP’s improved position in the market results from a significant surge in its price over the past few weeks. In the last 24 hours alone, XRP’s market value has increased by 30 per cent, with a weekly gain of around 70 per cent. The token, now trading at $2.43, has grown by 376 per cent over the past 30 days.
If XRP sustains its current momentum, it could soon reach a new all-time high. Its latest price is still below the record value of $3.30 it briefly achieved in 2018.
The market’s optimism regarding XRP is not just about its recent performance but also its potential as a preferred digital asset for remittances and cross-border transactions. Ripple’s technology enables quick, low-cost international payments, which has attracted the interest of financial institutions globally. This foundational utility adds to investor confidence in XRP’s long-term prospects.
Factors Driving XRP’s Surge
Donald Trump’s election as the 47th President of the United States has significantly boosted the cryptocurrency market. While Bitcoin is nearing the $100,000 mark, other major tokens like Ethereum have also seen substantial gains.
XRP, which experienced moderate demand earlier in November, has recently surged amid reports that the New York Department of Financial Services is set to approve Ripple’s RLUSD stablecoin. According to Fox Business, Ripple may launch and legally offer RLUSD starting 4 December.
🚨BREAKING: CEO of @Ripple – Brad Garlinghouse on FOX NEWS!Donald Trump had a meeting with Ripple. 👀💥 #XRP WILL MELT FACES 💥 pic.twitter.com/qp6CMbRTdY
— JackTheRippler ©️ (@RippleXrpie) November 15, 2024
Additionally, speculation surrounding the possible conclusion of the Securities and Exchange Commission (SEC)’s legal dispute with Ripple has further fuelled the rally. The resignation of SEC Chair Gary Gensler and expectations that President-elect Trump will appoint a crypto-friendly successor have created optimism among investors.
Ripple’s growing partnerships and increasing adoption by financial institutions worldwide could further solidify XRP’s position as a market leader in the cryptocurrency space.
This article was written by Arnab Shome at www.financemagnates.com.
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