XRP Price Surges, Takes Over Solana, USDT to Become 3rd Largest Crypto
The post XRP Price Surges, Takes Over Solana, USDT to Become 3rd Largest Crypto appeared on BitcoinEthereumNews.com.
XRP price has achieved a major milestone, surpassing both Solana (SOL) and Tether (USDT) in market cap. It claimed the position of third-largest cryptocurrency by market capitalization. XRP Price Surges 28% amid Market Downturn XRP price has surged 28% in the last 24 hours, pushing its market cap to $136.3 billion and overtaking USDT’s $134 billion valuation. This impressive performance comes amid broader market weakness, showing exceptional strength and institutional interest. The token’s momentum is evident across multiple timeframes, with gains of 63.8% over seven days, 105.6% over two weeks, and a 366.1% monthly spike. This surge stands in stark contrast to the performance of other major cryptocurrencies, with Bitcoin declining 0.2%. Ethereum dropping 0.86%, and Solana falling 3.8%. – Advertisement – Ripple Ecosystem Development and RLUSD Market sentiment has been greatly influenced by emerging developments regarding Ripple’s potential strategic initiatives. According to analyst Del Crxpto, rumors are circulating about Ripple’s plans to custody its entire XRP escrow to establish initial reserves for RLUSD. This move, if implemented, would enable Ripple to: – Advertisement – Mint RLUSD for ODL (On-Demand Liquidity) partners. Unlock substantial working capital. Boost XRPL liquidity. Maintain XRP’s circulating supply while reducing total supply. The proposed structure suggests a sophisticated approach to ecosystem development. It also addresses both liquidity needs and supply management concerns while potentially creating new revenue streams for Ripple’s operations. XRP Surges Amidst Positive US Crypto Regulation The timing of XRP price surge coincides with major developments in the regulatory sphere. SEC Chair Gary Gensler’s announced departure has sparked optimism regarding potential shifts in regulatory approach, particularly concerning the ongoing Ripple vs. SEC case resolution. This change in leadership could signal a more favorable regulatory environment for XRP and the broader cryptocurrency market. The market’s response to these developments has been overwhelmingly positive, as…
Filed under: News - @ December 2, 2024 9:18 am