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Ripple’s XRP has surged to turn into the third-largest cryptocurrency by market capitalization.
On Sunday, 1 December 2024, XRP skilled a blistering rally, surging by greater than 28% and reaching a brand new multi-year excessive of $2.48. This surge propelled XRP previous main rivals akin to Tether (USDT) and Solana (SOL), securing its place because the third-largest cryptocurrency by market cap.
Ripple CEO Brad Garlinghouse not too long ago participated in an interview with “60 Minutes,” one of the crucial outstanding tv packages within the US. Though there isn’t any official air date for the interview but, U Today reported that its eventual broadcast might function one other catalyst for XRP’s continued momentum.
This milestone coincides with Ripple’s Chief Expertise Officer, David Schwartz, celebrating his twelfth anniversary with the corporate.
I simply formally hit 12 years at Ripple simply as XRP strikes into the quantity three place by market cap. Coincidence?
— David “JoelKatz” Schwartz (@JoelKatz) December 1, 2024
XRP’s Meteoric Rise
With a present market capitalization of $139 billion, XRP now ranks forward of a number of the world’s largest companies, together with Citigroup, Airbus, and Sony. Regardless of this spectacular efficiency, it nonetheless has a substantial hole to shut if it goals to overhaul Ethereum (ETH), which boasts a market cap of $444 billion.
Nonetheless, XRP’s resurgence is noteworthy, significantly after it practically fell out of the highest 10 cryptocurrencies following the SEC lawsuit in opposition to Ripple.
Discover: Is Ripple’s RLUSD Stablecoin Close To Getting NYDFS Approval? Rumours Float Amidst XRP Surge
Market Dynamics And Competitors
Whereas XRP’s current positive aspects are substantial, it’s not the highest performer amongst cryptocurrencies within the prime 100. Hedera (HBAR) outpaced XRP with a staggering 42% acquire throughout the identical interval. Moreover, different established altcoins like EOS (EOS) and Litecoin (LTC) have additionally seen important will increase of 20.5% and 20.2%, respectively.
When it comes to weekly positive aspects, XRP has additionally trailed behind HBAR, which recorded a 78% improve in comparison with XRP’s 69% rise. Regardless of this competitors, it’s ascent to 3rd place highlights its resilience and potential for additional progress within the cryptocurrency market.
Nonetheless, XRP faces a number of challenges on its path to sustained progress. The continuing authorized battle with the U.S. Securities and Alternate Fee (SEC) stays a major hurdle for Ripple. The end result of this lawsuit might have far-reaching implications for each Ripple and the broader cryptocurrency business.
Let’s Speak About Regulatory Optimism!
Ripple’s XRP, one of many main cryptocurrencies by market capitalization.
It has skilled a notable improve in its worth, nearing the $3 threshold. This surge is especially important given the broader context of regulatory challenges and market volatility which have characterised the crypto business in recent times. Traders are more and more hopeful that the newly elected US Congress will undertake a extra favorable stance in direction of cryptocurrencies.
Discover: Can Ripple’s XRP Breach $3? A Crypto-Friendly Congress Can Make It Happen!
The submit XRP Surges To Third Place In Crypto Rankings: Ripple CTO Reacts appeared first on 99Bitcoins.
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