Catenaa, Wednesday, December 06, 2024-Ripple’s XRP soared 30% Monday, overtaking Tether (USDT) to become the third-largest cryptocurrency by market capitalization.
The token’s market cap reached $137.4 billion, surpassing USDT’s $134.3 billion, as XRP climbed to $2.46. This marks a 375% surge in XRP’s value over the past month.
The rally was fueled by multiple developments, including reports that the New York Department of Financial Services (NYDFS) may approve Ripple’s RLUSD stablecoin, targeting a December 4 launch.
If approved, RLUSD would position Ripple to compete with top stablecoins and enhance its RippleNet payment platform for faster, cost-effective cross-border transactions.
XRP’s recent strength also aligns with expectations for an XRP exchange-traded fund (ETF) in the U.S. and speculation about improved regulatory prospects following SEC Chair Gary Gensler’s resignation announcement.
Analysts note XRP’s climb has renewed investor confidence after years of legal challenges stemming from the SEC lawsuit filed in 2020.
Ripple’s efforts to integrate RLUSD and its potential ETF approval reflect the company’s ambitions to solidify XRP’s role in the evolving cryptocurrency ecosystem.
