XRP overtakes Solana and Tether to become the third-largest crypto
The spike is attributed to the potential approval of Ripple’s stablecoin, RLUSD, by the New York Department of Financial Services, which could enhance Ripple’s market presence.
Ripple’s XRP has surged in price, overtaking Solana and Tether to become the third-largest cryptocurrency by market capitalisation, now valued at $138 billion. On 2 December, XRP saw a remarkable 30% increase in just 24 hours, with its price hitting $2.5. Currently trading around $2.41, XRP has risen by over 370% since 1 November.
The price spike follows the news that the New York Department of Financial Services (NYDFS) is close to approving Ripple’s stablecoin, RLUSD. It could pave the way for Ripple to enter New York’s strict digital finance market, boosting its influence in the crypto ecosystem and positioning it against leading stablecoins like Tether (USDT) and Circle’s USDC.
Additionally, XRP’s rise may also be linked to the upcoming departure of Securities and Exchange Commission (SEC) Chairman Gary Gensler in January, which could have implications for the crypto market. As XRP gains traction, several firms, including 21Shares and Bitwise, are seeking approval for XRP exchange-traded funds (ETFs), adding to the growing attention surrounding the asset.
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