XRP has surged to the third spot in market capitalization, surpassing USDT. A 364% price increase, driven by RLUSD approval rumors and changes in SEC leadership, has bolstered XRP's market standing.
XRP Market Surge
At the time of writing, XRP's market cap has soared to $141.8 billion, overtaking USDT's $134.5 billion. XRP surged by 30% in the past 24 hours to $2.46, showing a substantial monthly increase of 364.1%. After overtaking Solana in market cap, XRP has captured investor attention.
Impact of RLUSD Approval and SEC Chair Resignation
Experts note that XRP's growth coincided with news of NYDFS potentially approving Ripple's RLUSD stablecoin. Ripple is eyeing a December 4th launch, though no official confirmation has been made. Additionally, the announcement by SEC Chair Gary Gensler about stepping down in January 2025 might reduce tensions between Ripple and the SEC, according to Presto Research head Peter Chung.
Potential Growth and XRP ETF
With the potential cooling of legal drama, Ripple might focus more on expanding the XRP Ledger ecosystem using RLUSD. Market experts also discuss the possibility of XRP ETFs, with firms like 21Shares, Canary Capital, and Bitwise filing applications for such financial products.
The future of XRP largely depends on how well Ripple and its community can use RLUSD to build additional value. While market interest in XRP grows, questions remain about the sustainability of such growth.
