Amid the surge in XRP's value and market capitalization, the cryptocurrency has overtaken Tether, ranking third in the global standings behind only Bitcoin and Ether.
XRP's Value Surge
Recently, XRP has demonstrated significant growth, achieving a market cap of $141.8 billion, which enabled it to surpass Tether's $134.5 billion. The price of XRP jumped 30% over the past 24 hours to $2.46, and it has risen 364.1% over the past month. This uptrend followed its recent surpassing of Solana.
Market's Reaction to News
XRP's rise may also be related to reports that Ripple's RLUSD stablecoin could be approved soon. According to Fox News, Ripple is eyeing a possible launch date of December 4. The SEC is currently in a legal battle with Ripple, accusing the company of raising $1.3 billion through the sale of XRP, considered an unregistered security. It was recently announced that SEC Chair Gary Gensler will step down in January.
Future of XRP
Market participants are also observing the prospects of spot XRP exchange-traded funds. Several asset managers, including 21Shares, Canary Capital, and Bitwise, have filed for XRP ETFs.
By surpassing Tether, XRP continues to attract market attention through its achievements and potential future developments.
