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XRP Is Now The Fourth Largest Cryptocurrency After $100 Billion Post-Election Surge

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3 weeks ago

December 2, 2024

XRP Is Now The Fourth Largest Cryptocurrency After $100 Billion Post-Election Surge

Topline

The XRP token, which is linked to Ripple Labs, has develop into the fourth-largest cryptocurrency on the planet by way of market cap, after a weeks-long rally triggered by President-elect Donald Trump’s election win in November and up to date hypothesis in regards to the SEC probably dropping its authorized case towards Ripple.

The Ripple-linked XRP token briefly turned the third most useful cryptocurrency on the planet on … [+] Monday.

dpa/image alliance by way of Getty Photos

Key Info

The worth of XRP rose above $2.50 early on Monday, earlier than dropping barely to $2.30—a 21% surge over the previous 24 hours and almost a 50% enhance in comparison with final week.

Since Trump’s electoral victory, XRP’s market cap has risen from round $30 billion to $131 billion on Monday.

XRP’s market cap crossed $100 billion for the primary time since 2018 over the weekend, because it overtook Solana’s SOL to develop into the world’s fourth most useful cryptocurrency.

XRP additionally briefly overtook Tether’s USDT stablecoin market worth early on Monday, earlier than settling barely decrease.

Bitcoin, whose worth has hovered round $100,000 prior to now week, stays the world’s most useful cryptocurrency with a market cap of almost $1.89 trillion, adopted by the Ether token which has a market cap of $436 billion.

What Fueled The Xrp Surge This Weekend?

Whereas the value of XRP has risen steadily since election day, the surge in its costs over the weekend got here after Fox Enterprise reported that the New York Division of Monetary Companies could quickly approve the launch of Ripple’s RLUSD stablecoin. The report stated the corporate could also be getting ready to launch RLUSD as early as December 4.

Information Peg

Ripple Labs, which developed the XRP cost protocol and makes use of the token for its funds platform, was sued in 2020 by the Securities and Trade Fee. The company accused the corporate of promoting XRP tokens with out registering it as a safety. In July final yr, the regulatory company was dealt a blow after a federal decide dominated Ripple didn’t violate securities legislation by promoting the token on public exchanges. In October this yr, the SEC appealed the ruling earlier than the U.S. Courtroom of Appeals for the Second Circuit. Nevertheless, Trump’s electoral victory and SEC chair Gary Gensler’s announcement that he’s stepping down in January, has triggered hypothesis in regards to the Ripple case. Talking to Fox Enterprise final week, former Commodity Futures Buying and selling Fee (CFTC) Chairman Chris Giancarlo stated he thinks the SEC ought to drop the case towards Ripple. Giancarlo is without doubt one of the high contenders to function the “Crypto Czar” within the incoming Trump administration.

What To Watch For

In a publish on X final week, Ripple CEO Brad Garlinghouse stated that CBS Information’ 60 Minutes program had interviewed him “about crypto, the push for regulatory readability and the way the business banded collectively to advocate for pro-innovation candidates (on either side of the aisle) by Fairshake PAC.”

Key Background

The post-election cryptocurrency surge has been pushed by expectations of a extra crypto-friendly regulatory atmosphere below the Trump and the GOP managed Congress. Throughout his marketing campaign, the President-elect embraced a pro-crypto stance and promised to make the U.S. the “crypto capital of the planet.” This was a significant coverage shift in comparison with his earlier stance, when he referred to as Bitcoin a “rip-off” and a catastrophe ready to occur.