XRP Overtakes SOL and USDT, Becomes Third-Largest Crypto
The post XRP Overtakes SOL and USDT, Becomes Third-Largest Crypto appeared on BitcoinEthereumNews.com.
XRP has “outrun” Solana (SOL) and Tether (USDT) to become the third largest crypto, following a 379% surge on its monthly price chart. An analyst has linked this massive run to SEC’s Gary Gensler’s step-down notice and the possible approval of the RLUSD. XRP has surged 30% in the last 24 hours, extending its weekly and monthly gains to 68% and 379%, respectively. This significant move has positioned it as the third-largest crypto by market cap, surpassing Solana (SOL) and Tether (USDT). 🚀 XRP has skyrocketed to an astounding $2.49 market value for the first time since January 8, 2018. The 6-year (nearly 7-year) high comes as wallets with 1M-10M XRP have accumulated 679.1M tokens (currently worth $1.66B) in just 3 weeks. Also, total non-empty XRP wallets have… pic.twitter.com/bIsfOqdCQX — Santiment (@santimentfeed) December 2, 2024 At press time, XRP’s market cap stood at $140 billion, leading the two closest cryptos by $6 billion and $31 billion, respectively. Additionally, the asset had surpassed its 2021 all-time high price of $1.96, extended its market dominance to 4%, and recorded a whopping surge of 97% in its 24-hour trading volume. Currently, Ethereum (ETH) is the only hindrance between XRP and Bitcoin (BTC) as it “comfortably” sits in the second position with a market cap of $442 billion. Possible Reasons for This Run According to the head of research at Presto Research, Peter Chung, this significant move was not just triggered by Bitcoin’s influence but also the reports that the New York Department of Financial Services (NYDFS) is close to approving the first Ripple’s stablecoin (RLUSD). Meanwhile, Fox Business anticipates that the launch could be fixed as early as December 4. Adding to this, Chung suspects that the recent “step down” announcement by the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, may have boosted Ripple’s chances in…
Filed under: News - @ December 2, 2024 7:16 am