By Honey
Ripple-linked XRP has surged to become the fourth-largest cryptocurrency in terms of market capitalization, driven by significant market momentum following President-elect Donald Trump’s victory and speculation about a favorable outcome in Ripple’s ongoing legal battle with the SEC.
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Key Highlights:
Price Surge: On Monday, XRP’s price climbed above $2.50 before stabilizing at $2.30, marking a 21% increase within 24 hours and a staggering 50% rise over the past week.
Market Capitalization Growth: Since Trump’s electoral win, XRP’s market cap has jumped from $30 billion to $131 billion, surpassing Solana’s SOL token over the weekend to secure the fourth position among cryptocurrencies.
Temporary Third Spot: XRP briefly overtook Tether’s USDT, highlighting its explosive growth, though it later settled slightly below Tether’s valuation.
Drivers Behind XRP’s Rally
The price hike over the weekend followed reports from Fox Business suggesting that the New York Department of Financial Services might soon approve Ripple’s RLUSD stablecoin. The stablecoin’s anticipated launch as early as December 4 has further fueled investor excitement.
Ripple’s CEO, Brad Garlinghouse, noted that increased advocacy for regulatory clarity within the crypto sector and bipartisan support through Fairshake PAC have strengthened optimism about Ripple’s prospects.
Legal Context and Market Impact
Ripple has been embroiled in a legal dispute with the SEC since 2020, accused of selling XRP without proper registration as a security. However, a significant court ruling last year favored Ripple, stating that selling XRP on public exchanges did not violate securities laws. Speculation around the SEC potentially dropping its appeal, combined with leadership changes at the SEC, has further bolstered confidence in Ripple’s future.
What’s Next?
With a pro-crypto stance expected from the incoming administration, XRP’s role in reshaping the global crypto landscape could grow. The potential regulatory clarity may pave the way for broader adoption and innovation in the sector.
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