Ripple’s XRP has overtaken Solana (SOL) and Tether USDT and has become the third-largest cryptocurrency by market capitalization. Following the recent spike in XRP price, its market cap now sits at $138 billion.
On December 2, the large-cap altcoin climbed up over 30% in 24 hours with its price hitting $2.5 mark. It is now positioned as the 3rd largest crypto asset in the crypto market after Bitcoin and Ethereum.
As per data from Coinmarketcap, XRP price is currently trading near $2.41 – up 28% in the past 24 hours. It has become one of the top gainers over the past month with rising over 370% since 1st November.
The solid push in XRP price coincides with the news last week that NYDFS is close to approving Ripple’s stablecoin RLUSD. This conformation would let Ripple enter New York’s strict digital finance market, improving its presence in the crypto ecosystem.
RLUSD will position Ripple to clash directly with dominant stablecoins like Tether’s USDT and Circle’s USDC. XRP’s price strength may also be determined by Securities and Exchange Commission Chair Gary Gensler’s recent statement that he will depart from his position in January.
However, market competitors are also watching the capabilities of blotch XRP exchange-traded funds. Many resource administrations including 21Shares, Canary Capital, and Bitwise, have registered for XRP ETFs.
