XRP, the native cryptocurrency of the Ripple network, has surpassed Solana and Tether to become the third-largest crypto asset by market capitalization. This remarkable achievement occurred within a week, driven by an impressive price surge. In the past seven days, XRP saw a significant increase of 64.3%, raising its market capitalization to $138 billion. This change has positioned XRP as the third-largest asset in the industry, displacing Tether and Solana from the top ten list. At the time of writing, XRP is trading at $2.40, reflecting a 27.0% increase in the last 24 hours, with a peak price of $2.48 and a low of $1.88.
The recent surge in XRP’s price is largely attributed to positive developments in the ongoing case between Ripple Labs, its parent company, and the United States Securities and Exchange Commission (SEC). Gary Gensler, the chair of the SEC, announced that he will step down on January 20, 2025, which the crypto community viewed as positive news.
During his tenure, Gensler’s leadership was often deemed stringent by the crypto community, despite some landmark milestones such as the launch of Bitcoin and Ethereum ETFs. The case between Ripple Labs and the SEC has been closely monitored by XRP investors, and recent developments have heightened optimism among them.
Despite this surge, XRP is still 28.4% below its all-time high of $3.40, reached in 2018. It took nearly seven years for XRP to break the $2 mark, during which it mostly hovered around $1.50. The current price highlights the significance of this recent price surge.
The XRP community and investors have been eagerly awaiting this moment, and analysts predict that the token could rise even further under a Trump administration.
Top cryptocurrencies are continuing to rise following last week’s profit-taking measures and a dip in Bitcoin’s price. Over the last 24 hours, other altcoins have also seen gains: Cardano (ADA) is up about 10%, while Shiba Inu (SHIB) and Stellar (XLM) have risen 8% and 13%, respectively.
XRP is a cryptocurrency designed for facilitating cross-border payments with low transaction fees. It is the native currency of the Ripple network, which was developed by Ripple Labs. The SEC case concerning XRP is one of the most pressing regulatory issues in the crypto industry, closely watched by many founders who are concerned about the implications for their startups.
About Author
