Ripple's XRP token has surpassed Solana's cryptocurrency in market capitalization for the first time during the current market cycle, making it the fourth-largest cryptocurrency.
XRP Achieving Success
According to CoinMarketCap, XRP has a market cap of over $122 billion, compared to Solana's $111.9 billion. The rise in XRP's price can be attributed to key partnerships, new product developments from Ripple Labs, and speculation about possible investments from Elon Musk.
Busy November for Ripple Labs and XRP
Asset manager 21Shares filed for an XRP ETF on November 1, 2024. The New York Stock Exchange Arca petitioned the SEC to list the Bitwise crypto index on November 15. Ripple Labs announced the first tokenized money market fund on the XRP Ledger with regulated cryptocurrency exchange Archax, and reports surfaced on November 29 about RLUSD stablecoin's potential approval from New York financial regulators.
New Developments and Prospects
Since November 2024, Ripple Labs has been active, filing for multiple XRP ETFs and launching a tokenized money market fund. These efforts underscore the company's determination to strengthen XRP's market position.
XRP's rapid growth is driven by Ripple Labs' successful initiatives and expectations regarding new financial products, highlighting XRP's increasing market influence.
