It has jumped to the third spot among cryptocurrencies, leaving Tether’s USDT in the dust.
At the time of writing, the marketcap of XRP has soared to $141.8 billion, overtaking USDT’s $134.5 billion. This came after XRP’s price shot up 30% in the past 24 hours to $2.46, according to The Block. Over the last month, it’s been on a rocket ride, climbing an eye-popping 364.1%.
XRP Soars 364% as RLUSD Approval Sparks Buzz
The recent surge followed XRP surpassing Solana in market cap over the weekend. While XRP grabbed the spotlight, Bitcoin inched up 1.28% to $97,862, and Ethereum grew 0.68% to $3,721. Solana, meanwhile, dipped slightly by 0.96% to $235.84.
So, what’s lighting a fire under XRP? Experts say the buzz started when news broke that the New York Department of Financial Services (NYDFS) might soon approve Ripple’s RLUSD stablecoin. Fox News reported that Ripple is eyeing a Dec. 4th launch date for RLUSD, though Ripple hasn’t confirmed this. Peter Chung, head of research at Presto Research, believes this news has given XRP a real boost. “XRP’s strength seems to come from the RLUSD approval buzz,” Chung said.
🚨BREAKING: RIPPLE TO HAVE FINAL GREEN LIGHT FROM THE NEW YORK DEPARTMENT OF FINANCIAL SERVICES TO FORMALLY LAUNCH #RLUSD!
A STABLECOIN BUILT ON THE #XRP LEDGER THAT WILL BURN XRP WITH EACH TRANSACTION! pic.twitter.com/uLkfxsGrg3
— CryptoGeek (@CryptoGeekNews) November 29, 2024
But that’s not all. Another big shake-up is helping XRP: SEC Chair Gary Gensler’s announcement that he plans to step down in January. Ripple and the SEC have been locking horns since 2020 when the SEC accused Ripple of raising $1.3 billion by selling XRP as an unregistered security. Chung thinks Gensler leaving could ease the legal tension. “Gensler stepping down is a plus,” Chung explained. “A new SEC leader might settle or drop lawsuits, including the one against Ripple.”
On January 20, 2025 I will be stepping down as @SECGov Chair.
A thread 🧵⬇️
— Gary Gensler (@GaryGensler) November 21, 2024
With the SEC drama potentially cooling down, Ripple might focus more on growing the XRP Ledger ecosystem using RLUSD.
The excitement doesn’t stop there. Market experts are also buzzing about the possibility of XRP ETFs. Asset managers like 21Shares, Canary Capital, and Bitwise have already filed applications for spot XRP ETFs.
Altcoin ETFs Poised for a Breakout Year $SOL $XRP $LTC among others
With regulatory hurdles loosening, investor insiders predict significant expansion of ETFs in 2025
“Barring a major market crash, we’re looking at a wild year for this young category,” – @EricBalchunas pic.twitter.com/2epFqZwyTc
— Matt Case 𝕏 (@MatthewRyanCase) November 27, 2024
Still, some wonder how long this rally will last. Chung thinks XRP’s future depends on how well Ripple and its community use RLUSD to build value.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.