Ripple’s XRP overtook Solana (SOL) and Tether USDT and became the third largest cryptocurrency by market capitalization. Following the recent surge in the price of XRP, its market capitalization now stands at $138 billion.
On December 2, the large-cap altcoin soared more than 30% in 24 hours and its price reached the $2.5 mark. It is now positioned as the 3rd largest crypto asset in the crypto market after Bitcoin and Ethereum.
According to data from Coinmarketcap, the price of XRP is currently trading near $2.41, up 28% in the last 24 hours. It has become a top gainer over the past month, rising more than 370% since November 1.
The strong surge in XRP price coincides with last week’s announcement that NYDFS is set to approve Ripple’s RLUSD stablecoin. This conformation would allow Ripple to enter the strict New York digital finance market, thus improving its presence in the crypto ecosystem.
RLUSD will position Ripple to directly challenge dominant stablecoins like Tether’s USDT and Circle’s USDC. XRP’s price strength may also be determined by Securities and Exchange Commission Chairman Gary Gensler’s recent statement that he will leave his post in January.
However, market competitors are also monitoring the capabilities of XRP blotch exchange traded funds. Many resource administrations, including 21Shares, Canary Capital, and Bitwise, have signed up for XRP ETFs.
Read: XRP Price Hits $2.50, Surpasses Solana Market Cap
