surpasses Solana and Tether to become the third largest cryptocurrency

December 3, 2024

XRP surpasses Solana and Tether to become the third largest cryptocurrency

This increase is attributed to the possibility of Ripple's stablecoin RLUSD being approved by the New York Department of Financial Services, which could increase Ripple's presence in the market.

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December 10, 2024

XRP surpasses Solana and Tether to become the third largest cryptocurrency

This increase is attributed to the possibility of Ripple's stablecoin RLUSD being approved by the New York Department of Financial Services, which could increase Ripple's presence in the market.

Ripple’s XRP has surged in price, overtaking Solana and Tether to become the third-largest cryptocurrency by market capitalization and is currently valued at $138 billion. XRP saw a remarkable 30% increase in just 24 hours on Dec. 2, reaching $2.5. Currently trading at around $2.41, XRP is up over 370% since Nov. 1.

The price increase follows news that the New York Department of Financial Services (NYDFS) is close to approving Ripple’s stablecoin RLUSD. This could pave the way for Ripple to enter New York’s strict digital finance market, increase its influence in the crypto ecosystem, and position it against leading stablecoins like Tether ( USDT ) and Circle’s USDC.

Additionally, XRP’s rise could also be linked to the impending departure of Securities and Exchange Commission (SEC) Chairman Gary Gensler in January, which could have ramifications for the crypto market. As XRP gains momentum, several firms, including 21Shares and Bitwise, are seeking approval for XRP exchange-traded funds (ETFs), adding to the growing interest around the asset.