XRP, the native crypto asset of the Ripple network has surpassed Solana and Tether to become the third-largest crypto asset by market capitalization.
XRP displaced both crypto assets in a week following an impressive surge in price.
XRP surged by a whopping 64.3% in the past seven days, with its market capitalization rising to 138 billion USDT.
The crypto assets’ new market capitalization makes it the industry’s third-largest displacing Tether and Solana from the list of top ten crypto assets by market capitalization.
At the press time, XRP is currently exchanging hands for $2.40 surging by 27.0% in the last 24 hours with a maximum price of $2.48 and a minimum price of $1.88.
Ripple Vs SEC case driving surge
The current surge in XRP price is largely due to positive developments around the ongoing case between XRP’s parent company Ripple Labs and the United States SEC.
The US SEC’s Gary Gensler recently announced that he will be stepping down on January 20 2025 and that was perceived as a piece of positive news by the crypto community.
Gary Gensler’s tenure as the US SEC Chief was perceived as stringent by the crypto community despite landmark milestones like the launching of Bitcoin and Ethereum ETFs.
The case between Ripple Labs and the US SEC was closely followed by XRP investors and the recent positive development has increased optimism amongst investors.
- XRP today is still 28.4% down from its all-time high of $3.40 which it clocked in 2018. XRP took nearly 7 years to break through the $2 mark hovering around $1.50 for most of the waiting time.
- The new price for XRP reveals the significance of the current surge in the crypto asset’s price.
- XRP community and investors have waited for a long time for this moment with analysts predicting the token to surge even further under President Trump’s administration.
- Top crypto-assets continue to surge following last week’s profit-taking measures and a dip in the price of the leading digital asset, Bitcoin.
- Other Altcoins over the last 24 hours Cardano (ADA) are up about 10%, while other top cryptos, including Shibu Inu (SHIB) and Stellar (XLM), are up 8% and 13%, respectively.
What to Know
XRP is a crypto asset that focuses on delivering cross-border payments with low transaction fees. The token is the native currency of the Ripple network developed by Ripple Labs.
XRP’s case with the US SEC is one of from burner regulatory issues in the crypto industry keenly followed by lots of founders who are worried about their startups too.