XRP has surged to become the third largest cryptocurrency, with a 32% rise today. Key factors include news about the RLUSD stablecoin and the upcoming resignation of SEC Chair Gary Gensler.
RLUSD Approval in New York
One of the main contributors to XRP's surge is the anticipation of RLUSD stablecoin approval by the New York Department of Financial Services (NYDFS). If approved, this would enhance Ripple's access to New York's strict financial markets and strengthen its stablecoin ecosystem.
Optimism for XRP ETF
There is growing optimism about the approval of an exchange-traded fund (ETF) based on XRP in the United States. Companies like Bitwise Invest, 21Shares, and Canary Funds have filed for the creation of such products. Recently, WisdomTree has joined the fray, increasing investor interest.
Ripple Wins & Gensler's Departure
Ripple's recent win in a case against the SEC has boosted investor confidence. The court declared that XRP is not a security in most instances. The announcement of Gary Gensler's resignation as SEC Chair, effective January 2025, might impact Ripple's ongoing legal challenges.
XRP's growth is bolstered by a series of positive news, including Ripple's legal victories and infrastructure developments. However, the market remains susceptible to risks related to potential regulatory actions.
