XRP surpasses SOL and USDT to enter the top three by market cap

Bittime - Ripple's XRP surpassed Solana (SOL) and USDT stablecoins to enter the top three by market capitalization. Learn more about XRP's price surge and the factors driving it.

Ripple (XRP) has recently recorded a significant price surge, overtaking Solana (SOL) and USDT stablecoins in terms of market capitalization. Recent data shows that XRP now holds the third position among crypto tokens with the largest market capitalization.

This surge in XRP's price comes after several key factors, such as the development of the legal case with the SEC and positive sentiment from investors. At its recent high, the price of XRP reached over $2.18 USD, the highest level since early 2018.

XRP's market capitalization is currently close to $121 billion, outperforming Solana which has a market capitalization of $112.2 billion.

The main factor driving XRP's price increase was the positive development in the legal case between Ripple and the US Securities and Exchange Commission (SEC).

Also read: Ripple (XRP): 3 Factors that Make XRP Price Rise

The case began in 2020 when the SEC accused Ripple of raising $1.3 billion through the sale of XRP which is considered an unregistered security.

Ripple's victory in several phases of the court and favorable announcements for the company, including a statement that SEC Chairman Gary Gensler will be leaving his position in January, boosted positive sentiment towards XRP.

Additionally, there are growing expectations regarding the launch of an exchange-traded fund (ETF) involving XRP, further fueling investor interest and pushing the price of this coin higher.

XRP's Rising Power in the Crypto Market

XRP's success in overtaking Solana (SOL) and even USDT stablecoins in terms of market capitalization shows that XRP is increasingly accepted by investors and financial institutions.

In addition to legal factors, XRP's practical utility also plays a big role in this rise. RippleNet, a payment network that enables faster and cheaper cross-border transactions, continues to gain adoption among global banks and financial institutions. This gives XRP a competitive advantage in the broader crypto market.

In addition, XRP's price surge is also linked to the strengthening market sentiment towards digital assets in general. Investors now see XRP as one of the coins with strong fundamentals, backed by real-world usage and future growth potential.

Also read: Touching $100 Billion Marketcap, Will $XRP Price Crash Again?

For example, some analysts predict that XRP could be a top choice for long-term investment, with optimistic price projections. As adoption becomes more widespread, XRP could resume its position in the top three and possibly move closer to the top spot in the crypto market.

With all these developments, XRP has shown greater potential, not only as a crypto asset but also as an innovative cross-border payment solution. Investors who see opportunities in this sector may continue to monitor XRP's movements, especially as the legal case settles and the potential for further expansion into global markets.

FAQ

What caused XRP to surpass Solana (SOL) and USDT in market capitalization?

XRP outperformed Solana (SOL) and USDT thanks to a price surge triggered by positive developments in the legal case with the SEC, expectations of an XRP ETF launch, and increased adoption of RippleNet by global financial institutions.

Why has XRP price surged recently?

XRP price surged after Ripple's victory in the legal case with the SEC and the announcement that SEC Chairman, Gary Gensler, will be leaving his post. In addition, the potential launch of an XRP ETF increased optimism among investors.

What sets XRP apart from other crypto coins?

XRP has an advantage due to RippleNet, a payment network that enables faster and cheaper cross-border transactions. This makes it an attractive option for financial institutions and provides real-world utility value.

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References

theblock.co, Ripple's market cap overtakes Solana's as XRP becomes fourth most valuable crypto token, accessed on December 2, 2024.

Coinmarketcap, XRP Price, accessed on December 2, 2024.

Author: AWW