Ripple’s XRP Ascends in the Crypto Market: Overtakes Tether to Secure Third Place
XRP Surpasses USDT as Cryptocurrency Market Cap Surges Beyond $3.6 Trillion
In the dynamic world of cryptocurrencies, Ripple’s XRP has made significant strides, recently overtaking Tether (USDT) in market capitalization. This impressive feat positions XRP as the third-largest cryptocurrency, trailing only behind Bitcoin (BTC) and Ethereum (ETH). The surge in XRP’s market value is a testament to the ongoing bullish trend in the crypto space.
During this crypto bull run, numerous digital assets, including Solana (SOL) and Sui (SUI), have demonstrated exceptional performance. Among these, XRP stands out with an extraordinary rise of 424% over the last month, outperforming its large-cap peers.
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XRP’s Meteoric Rise Aligns with Political Developments
Ripple’s native token has experienced a remarkable rally, coinciding with pro-crypto presidential candidate Donald Trump’s victory in the recent elections. On November 4th, XRP was valued at a modest $0.50. However, it has now skyrocketed to $2.69, marking a fivefold increase within a remarkably short span of time. This dramatic price surge has propelled XRP’s market capitalization to an impressive $152.2 billion, solidifying its rank as the third-largest cryptocurrency.
Ripple on the Verge of Resolving SEC Litigation
Previously, XRP was among the top three cryptocurrencies by market cap until December 2020, when the US Securities and Exchange Commission (SEC) initiated a lawsuit against Ripple. The SEC alleged that Ripple conducted an “unregistered digital asset securities offering,” which led to significant uncertainty and impacted XRP’s price performance from 2020 to mid-2024. However, recent positive developments in the legal case have reignited investor confidence, resulting in a substantial price surge for XRP.
Eleanor Terrett from Fox Business commented on this development, noting that XRP was the third-largest cryptocurrency before the lawsuit. Following the SEC’s action in December 2020, XRP’s price plummeted from around $0.50 to $0.17, erasing over $15 billion in market value. Despite recovering over time, XRP remained in the seventh position until recent bullish trends propelled it back to the top three.
Resurgence in US Crypto Regulations Boosts XRP’s Prospects
The cryptocurrency has also benefited from renewed optimism regarding crypto regulations in the United States, fueled by Donald Trump’s election win. Over the past two weeks, XRP has surged by an impressive 133%, suggesting further growth potential for the digital asset.
Moreover, data from Google Trends reveals that searches for XRP have surpassed those for “crypto” multiple times in November. Interestingly, XRP even outpaced Ethereum in Google searches earlier this month, though it has yet to surpass Bitcoin in this metric.
Future Developments and Cautionary Notes for XRP Investors
Ripple’s blockchain asset is poised to benefit from several upcoming developments. Notably, Ripple Labs is on the verge of obtaining regulatory approval in New York for its dollar-pegged stablecoin, RLUSD. While the future appears promising, some analysts caution that XRP’s rally may be overextended. They advise a careful approach and suggest waiting for a price correction before investing further.
Currently, XRP is trading at $2.69, with a notable increase of 40.5% in the past 24 hours. As the cryptocurrency market continues to evolve, XRP’s journey remains one to watch, with potential opportunities and challenges ahead.
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