As a seasoned crypto investor with a knack for spotting trends and a portfolio that mirrors the cryptoverse’s dynamic nature, I must admit, the sudden surge of XRP has caught my attention. The third-largest cryptocurrency by market capitalization, XRP, has shown a remarkable performance, leaving Solana (SOL) and Tether USDT behind in its wake.
The digital currency XRP issued by Ripple has surpassed Solana (SOL) and Tether USDT, taking the third position among all cryptocurrencies in terms of market capitalization. This shift comes as a result of a recent surge in the value of XRP, which currently boasts a market capitalization of approximately $138 billion.
On the 2nd of December, a significant cryptocurrency, categorized as an altcoin among large-caps, surged by more than 30% within a day. This impressive rise brought its value to reach $2.5. As a result, it currently occupies the third spot in the crypto market, following Bitcoin and Ethereum in terms of size and influence.
According to information from Coinmarketcap, the current XRP price is approximately $2.41 and it has increased by about 28% in the last 24 hours. Over the past month, it has been one of the top performers with a surge of over 370% since November 1st.
The surge in XRP’s price appears to align with the news from last week that the New York Department of Financial Services is near to granting approval for Ripple’s stablecoin, RLUSD. If this confirmation comes through, it would enable Ripple to enter New York’s stringent digital finance market, thereby enhancing its influence within the crypto world.
The RLUSD (Ripple-issued USD stablecoin) strategy could put Ripple head-to-head with leading stablecoins such as Tether’s USDT and Circle’s USDC. Moreover, the value of XRP might be influenced by the recent announcement made by Securities and Exchange Commission Chairman Gary Gensler that he will step down from his position in January.
Meanwhile, it’s worth noting that rival players in the market are keeping a close eye on the potential of blotch XRP exchange-traded funds. In fact, several resource management firms like 21Shares, Canary Capital, and Bitwise have applied for XRP ETFs.
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2024-12-02 12:04