XRP Surpass Solana After Smashing $2 Mark
XRP surpassed $2 for the first time in nearly seven years and displaced Solana in market valuation.
XRP has now increased its weekly gain to 50%. The token increased by more than 315 percent in the last 30 days, quadrupling. XRP has surpassed Solana to take the fourth-highest spot among all digital assets with a current market value of $121 billion, Solana’s market value was approximately $112 billion.
The cryptocurrency continued its weekend upswing into Sunday. The price of XRP at $2.16 was the highest level since January 2018, the first time it has surpassed the $2.00 milestone in the same time frame.
Investors are confident that XRP will encounter fewer obstacles in the future due to the upcoming regime change, and it may be used for spot exchange-traded funds (ETFs) and other financial use cases. The price of XRP is still down about 41% from its peak of $3.40 in January 2018, but it’s closer than it has been in almost seven years. XRP’s long-term potential is gaining momentum, and Ripple’s leadership is still hopeful that its legal battle with the SEC will be successful.
XRP has risen in recent weeks due to a number of fundamental and regulatory developments; bulls are now aiming for the $2.2 mark as a sign of the token’s renewed strength.
The bullish action on Sunday followed a report by Fox Business that the New York Department of Financial Services had approached payments company Ripple, which is closely associated with XRP, regarding approving the company’s RLUSD stablecoin.
Ripple will be able to lawfully sell the RLUSD token to the general public, with a potential December 4 launch date. The increase began in early November following trump’s win. Elections restored investor trust in U.S.-related tokens. like Ripple Labs, which is closely related to XRP.
Some traders also anticipate an XRP exchange-traded fund (ETF) In the United States, particularly those hoping for a more relaxed regulatory framework.
XRP could overtake Tether, which is currently valued at $124 billion, and become the third-largest cryptocurrency by market capitalization, behind the top two, Bitcoin and Ethereum, if its price rises to $3.04, which would give it a market cap of $193 billion. It is important to note that XRP was more valuable than Ethereum prior to the Ripple SEC lawsuit starting in 2020.
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