XRP Surges 27%, Flips USDT and Solana to Become Third-Largest Cryptocurrency by Market Cap

XRP, the cryptocurrency developed by Ripple Labs Inc., has experienced a dramatic price surge, leading it to surpass Tether (USDT) and Solana (SOL) in market capitalization. According to CoinMarketCap data, XRP’s price has skyrocketed by 27.72% over the last seven days, moving from $1.80 to $2.30. In the past month alone, its price has surged an impressive 365%, up from $0.51.

XRP’s Market Surge

This impressive surge in price has boosted XRP’s market capitalization to $136 billion, propelling it to the third spot among the largest cryptocurrencies, following Bitcoin and Ethereum. The market cap of Tether (USDT) was left behind at $134 billion, while Solana (SOL), previously in the top three, saw its market cap fall to $108 billion.

XRP has also seen a sharp increase in trading volume, which has risen by 75% over the past 24 hours, reaching $26.41 billion. Just last week, XRP managed to surpass Binance Coin (BNB) when it hit a market cap of $97 billion, pushing BNB down to $95 billion.

Ripple’s Expansion and Market Sentiment

The price movement is largely attributed to Ripple’s business expansion and a positive market sentiment, especially as investors anticipate Ripple’s ongoing legal battles with the U.S. Securities and Exchange Commission (SEC) may eventually result in a favorable outcome. In fact, XRP is heading toward its all-time high of $3.80, a price level reached seven years ago.

The market’s optimism around Ripple is also reflected in recent developments, such as the XRP ETF proposal submitted by WisdomTree to the state of Delaware on November 25. Though the filing has not yet been officially submitted to the SEC, the move has already sparked interest. Similarly, 21Shares and Bitwise have also submitted proposals for XRP-related investment products, such as the 21Shares Core XRP Trust, to the SEC earlier this year.

Regulatory Outlook and Future Potential

Despite ongoing legal disputes between Ripple and the SEC, the market remains optimistic about the future of XRP, especially with the anticipation of crypto-friendly regulatory changes. A shift in leadership with the expected departure of SEC Chairman Gary Gensler and a potentially more crypto-friendly SEC under the next administration has bolstered investor confidence. Speculation around Donald Trump’s return to the presidency and his regulatory stance on cryptocurrencies has further fueled this optimism.

XRP’s surge is a reminder of the volatility and rapid shifts that can occur in the crypto market, especially when positive news regarding adoption and regulation aligns with investor sentiment. As Ripple’s legal battles unfold, many in the market are watching closely, hoping that XRP’s journey toward mainstream adoption will be further cemented in the coming months.