XRP Surges to Fourth Spot After $100 Billion Post-Election Rally
XRP, the cryptocurrency tied to Ripple Labs, has recently made headlines by becoming the fourth-largest cryptocurrency in the world, following a significant surge in its market cap. The rally, which kicked off after the November election results, saw XRP’s market cap soar from around $30 billion to $131 billion by early December. At one point, it even briefly surpassed Tether’s USDT in market value, further solidifying its position in the crypto world.
The surge has been impressive, with XRP’s price rising above $2.50, marking a 21% increase in just one day, and almost a 50% jump compared to the previous week. This surge has propelled the token past Solana (SOL), placing it firmly at the number four spot among the world’s most valuable cryptocurrencies. Bitcoin, with its market cap of nearly $1.89 trillion, remains at the top, while Ether, with a market cap of $436 billion, holds the second spot.
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What has been driving this impressive rise in XRP’s value? Speculation about a potential favorable regulatory shift is one of the main factors. Following the victory of President-elect Donald Trump, investors are increasingly hopeful about a more crypto-friendly regulatory environment. Trump's election has sparked optimism, particularly as he had previously expressed pro-crypto sentiments during his campaign, promising to make the U.S. the "crypto capital of the planet." This has raised expectations that his administration may adopt a more supportive stance toward cryptocurrencies.
Additionally, the possibility that the U.S. Securities and Exchange Commission (SEC) may soon drop its lawsuit against Ripple has also contributed to the rally. Ripple Labs, which has faced legal challenges from the SEC over its sale of XRP, recently experienced a favorable ruling from a federal judge, who determined that Ripple did not violate securities laws by selling XRP on public exchanges. While the SEC has appealed this ruling, speculation about the case’s outcome has added fuel to the fire, especially with SEC Chair Gary Gensler's impending departure in January. The potential resignation of Gensler has led to predictions that Ripple's legal battle could be resolved more favorably.
Another catalyst for XRP’s rally was news that the New York Department of Financial Services might approve the launch of Ripple’s RLUSD stablecoin as early as December 4. This news has only heightened the excitement around Ripple and its native cryptocurrency. Furthermore, Ripple’s recent unlocking of 1 billion XRP tokens, in line with its long-term escrow plan, has not led to a significant price drop, suggesting continued investor confidence.
As we move into December, XRP remains one of the hottest cryptocurrencies to watch, and its impressive price growth shows no signs of slowing down. With increasing regulatory clarity, growing investor interest, and the potential for new product launches, XRP could be well-positioned for further gains in the coming weeks.
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