XRP's market cap reached a significant $100 billion mark amid notable token price growth and optimism about ETF launch.
XRP Market Cap Growth
XRP's market cap surpassed $100 billion for the first time since January 2018, according to CoinMarketCap data. The surge in price to $1.8 per token fueled this growth. November showed an impressive over 250% increase in value. XRP has gained 202% since the beginning of the year, making it the fifth-largest cryptocurrency by market cap, overtaking BNB. The token's market value now stands at $104.5 billion, trailing only Bitcoin, Ethereum, Tether, and Solana.
Ripple's Regulated Stablecoin
Rumors have emerged that New York regulators approved the issuance of Ripple's stablecoin RLUSD. This has been one of the drivers behind the XRP price increase. The stablecoin aims to compete with existing US-stablecoins like Tether and Circle. Ripple has gone through challenging times dealing with the SEC in recent years, and now XRP is looking for easier regulations, aiming to attract institutional investors.
XRP ETF Prospects
Additionally, discussions about the potential launch of an XRP-based exchange-traded fund (ETF), planned for 2025, have drawn attention. Analysts note a high chance of approval from the US Securities and Exchange Commission (SEC), providing additional upside for XRP amid institutional investor expectations.
XRP reaching a new market cap milestone reflects increased trust in this crypto asset. Regulatory developments and ETF release prospects could elevate XRP's popularity in the cryptocurrency market in the coming years.
