- XRP surpasses Solana and Tether in market capitalization, reaching the third spot after Bitcoin and Ethereum.
- Speculation over Ripple’s RLUSD stablecoin project and pro-crypto Trump administration fuels investor optimism.
- Legal battles with the SEC expected to ease under new U.S. leadership, further boosting market sentiment.
XRP has surged to become the third-largest cryptocurrency by market capitalization following recent bullish momentum. On December 2, XRP hit $2.46 before retracing slightly to $2.29, according to TradingView. The token’s rise comes after it overtook Solana and Tether in market value, bolstered by optimism surrounding Ripple’s upcoming stablecoin project and expectations of a friendlier regulatory environment under President-elect Donald Trump.
Market excitement around Ripple’s RLUSD stablecoin, expected to launch shortly, has contributed to XRP’s ascent. Investors anticipate the New York Department of Financial Services (NYDFS) will soon approve the dollar-pegged stablecoin, enabling its integration into Ripple’s cross-border payment systems.
Trump’s Election Victory Fuels Crypto Rally
The broader cryptocurrency market has rallied since Trump’s 2024 presidential election victory, with Bitcoin reaching an all-time high of $99,645 on November 22. XRP followed suit, driven by rumors of a potential meeting between Ripple CEO Brad Garlinghouse and Trump, which gained traction on social media and spurred a 17% price increase on November 15.
The political shift has led to speculation about a resolution in Ripple’s longstanding legal battle with the Securities and Exchange Commission (SEC). Former Commodity Futures Trading Commission Chair Chris Giancarlo has publicly advocated for the dismissal of ongoing cases against Ripple, emphasizing the need for regulatory clarity to support the industry’s growth.
As XRP benefits from improving market sentiment and the anticipation of major developments, its trajectory will be closely watched in the coming weeks. Analysts suggest that XRP could gain further if Ripple successfully navigates regulatory challenges and delivers on its stablecoin project.
