XRP has moved ahead Tether’s USDT in the rankings to become the world’s very own third largest cryptocurrency, after Bitcoin and Ether.
With a market cap of $141.8 billion against the United States dollar Tether USDT’s $134. 5 billion, XRP prices were able to increase by 30% within the last 24 hours to $2.46, in so doing marking a massive 364% increase within a period of one month. Its Current Price now stands at $2.46 up from $0.53 for a month which marked the lowest volatility in the price.
The prices started to recover after XRP crossed Solana in terms of market capitalization over the weekend. Bitcoin surged by 1.28% to $97,862. Meanwhile, ether saw an increase of 0.68% and is trading at $3,721. In contrast to these figures, Solana fell by a mere 0.96% to $235.84.
“XRP’s momentum seems linked to news that the NYDFS may soon approve Ripple’s RLUSD stablecoin,” said Peter Chung, head of research at Presto Research.
How Ripple’s RLUSD stablecoin Might After XRP Price
According to Fox News, a launch could be on December 4, as speculation is rife that the New York Department of Financial Services will soon approve Ripple’s RLUSD stablecoin. Ripple has yet to make a statement on the situation.
The price of Ripple may also be affected by SEC Chair Gary Gensler’s announcement that he intends to resign effective January next year. Since 2020, the SEC has sued Ripple over allegations that the company sold XRP for $1.3 billion without any registration.
As a market analyst, Chung expresses hope in Gensler’s announcement that he may resign from his position. Chung also suggested that Ripple would be able to concentrate on the development of the Ripple XRP Ledger ecosystem without interference from the legal proceedings.
At the same time, the market players are monitoring the prospects of spot Ripple ETFS. Applications have already been lodged by asset managers like 21Shares, Canary Capital and Bitwise, increasing the anticipation about the fate of XRP.
Ripple Whales Buy $177M XRP
Ripple’s XRP has been on a strong upward streak lately, fueled by big moves from major investors. Whales have snapped up nearly $180 million worth of tokens, sparking fresh optimism among traders and investors worldwide.
This surge comes as Ripple gains legal ground in its case against the U.S. SEC. With the lawsuit potentially nearing a resolution, confidence in the project has grown, driving XRP’s price higher. The token now stands as the third-largest cryptocurrency by market capitalization, cementing its place in the spotlight during this bullish run.
Ripple whales have been making big moves, signaling a surge in market interest. On December 2, Whale Alert data tracked several large purchases, highlighting renewed activity around the asset.
One wallet, identified as r32…yLn, acquired 50 million Ripple tokens valued at $116.5 million from the exchange Upbit. Another address, rfQ…Cvi, picked up 25.08 million tokens worth $61.08 million through two transactions on Binance. These significant buys have caught the market’s attention, fueling optimism among investors about potential gains ahead.
Meanwhile, an American blockchain payments company is gaining attention as it approaches a possible resolution to the XRP lawsuit. Optimism is building, especially with changes in the SEC under Donald Trump’s presidency.
XRP Price Hits Past the $2 Mark
XRP is on a strong run, jumping nearly 29% in a single day to hit $2.39. The coin traded between $1.87 and $2.49 over the past 24 hours, showing significant momentum. Over the past week, XRP has gained 63%, and it’s up a massive 367% for the month.
During this rally, XRP climbed past Solana and USDT to become the third-largest cryptocurrency by market cap. This bullish trend has only strengthened investor confidence, especially with a strong Q4 for crypto and more accumulation taking place.
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