As of December 2, 2024, Ripple's XRP has officially become the 3rd largest crypto market cap surpassing stablecoin Tether (USDT) with a market cap of approximately $137 billion.
The price of XRP surged 30% in a single day reaching around $2.46 and has seen a staggering 375% surge over the past month.
Anticipation surrounding the approval of Ripple's RLUSD stablecoin by the New York Department of Financial Services (NYDFS) has remarkably contributed to investor confidence. RLUSD is expected to launch on December 4, 2024.
The recent victory by Republicans in the United States elections has promoted a more favorable environment for crypto with expectations of regulatory changes under the incoming administration.
Following the announcement of SEC Chair Gary Gensler's resignation in January 2025 has created expectations of a more favorable regulatory environment for XRP and Ripple, which could alleviate existing legal issues.
While the current trajectory of XRP looks strong, analysts caution about the potential volatility due to overbought conditions, etc.
XRP's market position may be further cemented by the impending introduction of RLUSD and possible ETF approvals, although investors are cautioned to exercise caution due to the associated risks.
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