XRP Surges 27%, Overtakes Tether and Solana in Market Cap
XRP’s price surged by 27.72%, reaching $2.30, boosting its market cap to $136 billion, overtaking Tether and Solana. Increased trading activity and optimism surrounding Ripple’s expansion and ETF proposals contribute to XRP’s growth, despite ongoing disputes with the SEC.
XRP, a cryptocurrency issued by Ripple Labs Inc., has experienced remarkable growth over the past week, resulting in its market capitalization becoming the third largest following Bitcoin and Ethereum. According to data from CoinMarketCap on November 2, XRP’s price surged by 27.72% from $1.80 to $2.30, and an astounding 365% over the past month from $0.51. This remarkable increase positions XRP as one of the top gainers alongside tokens such as Peanut (PNUT), Stellar (XLM), and Hedera (HBAR).
The surge in XRP’s price has propelled its market cap to approximately $136 billion, eclipsing that of Tether (USDT) at $134 billion and Solana (SOL) at $108 billion. Furthermore, XRP was actively traded at around $26.41 billion, reflecting a significant daily increase of 75%. This follows a previous milestone where XRP briefly surpassed Binance Coin (BNB) with a market cap of $97 billion against BNB’s $95 billion.
The price movement is attributed to Ripple Labs’ robust business expansion alongside heightened market optimism, drawing closer to XRP’s all-time high of $3.80 achieved seven years ago. Furthermore, on November 25, WisdomTree, a prominent U.S. Bitcoin ETF issuer, proposed an XRP ETF in Delaware, generating excitement among investors, despite no formal submission to the Securities and Exchange Commission (SEC) yet. In addition, 21Shares filed for the 21Shares Core XRP Trust with the SEC on November 1, while Bitwise previously submitted a similar application in early October.
Despite the ongoing legal dispute between Ripple and the SEC, market sentiment remains positive, particularly with anticipation surrounding the prospective Trump administration’s potential for crypto-friendly regulations. Additionally, it is expected that a new SEC chairman will be appointed prior to Trump’s inauguration, further contributing to market optimism.
The surge in XRP’s valuation is reflective of its increasing adoption and the overall positive sentiment in the cryptocurrency market. With Ripple’s strategic initiatives and expansion plans, traders and investors are now more hopeful regarding regulatory developments, especially in a new political landscape that may favor cryptocurrency regulations. The anticipation of new product offerings, such as ETFs related to XRP, adds to the optimism in the marketplace. Furthermore, growing trading volumes indicate heightened investor interest and engagement, which are critical for sustaining XRP’s upward trajectory.
In summary, XRP has achieved a significant milestone by surpassing Tether and Solana in market capitalization, driven by a recent price surge of over 27%. As the cryptocurrency space evolves, market participants remain optimistic about Ripple’s future and regulatory developments that could propel digital currencies. This trend underscores the potential of cryptocurrencies as viable investment vehicles amid ongoing shifts in market dynamics and regulatory attitudes.
Original Source: crypto.news
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