XRP Overtakes USDT to Become Third-Largest Cryptocurrency by Market Cap
Date: 2024-12-02 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
On December 2, the XRP token demonstrated significant growth, reaching $2.45, which became a daily maximum. As a result, the cryptocurrency’s market cap exceeded $138.5 billion, while USDT remained at $133 billion. This jump returned XRP to the top of the crypto market, bringing it closer to its historical maximum of $3.4, set in January 2018.
XRP’s positive dynamics are taking place against the backdrop of overall market growth. The Block’s GMCI 30 index, which tracks 30 leading cryptocurrencies, has grown by 1.3% over the past 24 hours and by more than 64% over the past month. The acceleration of the index’s growth and that of XRP itself is associated with Donald Trump’s victory in the US presidential election.
An additional driver was the unexpected announcement by SEC Chairman Gary Gensler about his intention to resign after the inauguration of the new president. This statement increased investors' hopes for a favorable outcome to the long-running legal dispute between Ripple and the SEC, where the status of XRP as an unregistered security is being discussed. According to rumors, the final decision may be in favor of Ripple, which could further strengthen the token's position.
The possible launch of exchange-traded funds (ETFs) based on XRP is also being discussed. A number of companies have already expressed interest in filing applications for the creation of such instruments, which fuels the expectations of market participants.
These developments make XRP one of the main contenders for continued growth in the near future, strengthening its status amid changes in the crypto industry and the political situation.
