XRP Surpasses USDT to Become World’s Third-Largest Cryptocurrency

XRP has captured significant attention in the crypto market, climbing past Tether (USDT) to secure its position as the third-largest cryptocurrency by market capitalization, now valued at $137.65 billion.

This meteoric rise follows a massive price surge of 30% in just one day, pushing XRP to $2.44, and a staggering 375% rally over the past month.

Driving this remarkable growth are several key factors. Market excitement is mounting over the anticipated approval of Ripple’s RLUSD stablecoin by the New York Department of Financial Services, with reports suggesting a launch as early as December 4. If realized, this could further solidify XRP’s role in the evolving crypto landscape.

Speculation has also intensified following news that SEC Chair Gary Gensler will step down in January 2025. With his departure, many are hopeful for a resolution to the longstanding SEC lawsuit against Ripple, which has overshadowed the token since 2020. Investors are betting that new leadership could pave the way for settlements or a more favorable regulatory approach.

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Institutional interest in XRP is heating up, with notable filings for XRP-specific ETFs from firms like 21Shares and Bitwise. These developments align with Ripple’s expanding ecosystem and growing partnerships, signaling a broader acceptance of the token in mainstream finance.

Amid the bullish sentiment, concerns over market speculation persist. Analyst Valentin Fournier highlights a sharp 30% increase in open interest for XRP derivatives over a 24-hour period, totaling $4.2 billion. This surge in leveraged positions could lead to heightened volatility and potential corrections.

XRP’s recent rally evokes memories of its 2018 peak, when it reached $3.30. With fresh momentum and the promise of regulatory clarity, XRP seems poised for a transformative phase, potentially reshaping its position in the digital asset market.

Alexander Stefanov