Stablecoin

Canary

Gary

<p>Ripple’s XRP has taken the spotlight once again, with its price surging by 32% today. This impressive rally pushed XRP past USDT, making it the third-largest cryptocurrency by market cap. However, currently trading around $2.42, XRP has seen a remarkable 70% weekly rise and a massive 377% increase over the past month. But here’s what is driving the XRP price Up.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-ripple-s-rlusd-stablecoin-awaits-nydfs-approval">Ripple’s RLUSD Stablecoin Awaits NYDFS Approval</h2>   
<p>One of the biggest contributors to XRP’s surge is the news surrounding <a href="https://coinpedia.org/news/ripple-burns-massive-rlusd-tokens-a-sign-of-upcoming-stablecoin-launch/" target="_blank" rel="noreferrer noopener">Ripple’s RLUSD Stablecoin.</a> Reports suggest that the New York Department of Financial Services (NYDFS) might soon approve RLUSD, with Ripple planning a December 4 launch.&nbsp;</p>   
<p>If approved, this would allow Ripple to enter New York’s strict digital finance market, enhancing its position in the stablecoin ecosystem.</p>   
<p>Ripple aims to position RLUSD as a competitor to major stablecoins like Tether (USDT) and Circle’s USDC. Acting as a liquidity bridge within Ripple’s network, RLUSD would work alongside XRP to strengthen Ripple’s global payment offerings.</p>   
<h2 class="wp-block-heading" id="h-growing-optimism-for-an-xrp-etf">Growing Optimism for an XRP ETF</h2>   
<p>Another factor boosting XRP’s price is growing anticipation for an <a href="https://coinpedia.org/news/ripple-news-will-xrp-etfs-debut-after-genslers-resignation-pro-xrp-lawyer-gives-timeline/" target="_blank" rel="noreferrer noopener">XRP exchange-traded fund (ETF)</a> in the United States. With hopes for a more crypto-friendly environment under a potential Trump administration, major players like Bitwise Invest, 21Shares, and Canary Funds have already joined the race by filing for <a href="https://coinpedia.org/news/xrp-the-next-big-crypto-spot-etf-bitwise-outlines-key-observations/" target="_blank" rel="noreferrer noopener">XRP-spot ETFs</a>.&nbsp;</p>   
<p>WisdomTree recently submitted its application, further fueling excitement in the market.</p>   
<h2 class="wp-block-heading" id="h-ripple-wins-amp-gary-gensler-exit">Ripple Wins &amp; Gary Gensler Exit</h2>   
<p>Ripple’s recent legal win against the SEC has also reignited investor confidence. The court’s decision that XRP is not a security in most cases has set a precedent for the entire crypto industry.&nbsp;</p>   
<p>Adding to this is the announcement of <a href="https://coinpedia.org/news/gary-gensler-resignation-why-sec-chair-loved-his-job-and-aspired-to-make-the-world-a-better-place/" target="_blank" rel="noreferrer noopener">SEC Chair Gary Gensler’s resignation</a>, set for January 2025. His exit might impact Ripple’s ongoing legal challenges, potentially inclining the ruling in Ripple’s favor.</p>   [post_titles_links postid="387808"]   
<h2 class="wp-block-heading" id="h-xrp-price-forecast-nbsp">XRP Price Forecast&nbsp;</h2>   
<p>XRP is showing strong growth as the cryptocurrency market recovers. Its performance often moves with the overall market trend. If Ripple keeps building partnerships and wins more legal battles, <a href="https://coinpedia.org/price-prediction/xrp-ripple-price-prediction/" target="_blank" rel="noreferrer noopener">XRP’s price</a> could rise even higher. It might reach $3.00 to $5.00 in the coming months if more investors get interested.</p>   
<p>However, there’s also a chance of price drops. Bad news, like new SEC claims or a market downturn, could bring XRP’s price back to $1.50 to $2.00.</p>   
<h2 class="wp-block-heading" id="h-faqs">FAQs</h2>   
<div class="schema-faq wp-block-yoast-faq-block">
 <div class="schema-faq-section" id="faq-question-1733122316076">
  <strong class="schema-faq-question"><strong>How has Ripple’s legal win affected XRP’s price?</strong></strong> 
  <p class="schema-faq-answer">Ripple’s court win against the SEC clarified that XRP is not a security, boosting investor confidence and driving its recent price rally.</p> 
 </div> 
 <div class="schema-faq-section" id="faq-question-1733122331744">
  <strong class="schema-faq-question"><strong>Why is XRP being considered for an ETF?</strong></strong> 
  <p class="schema-faq-answer">XRP is gaining attention for a potential ETF due to its legal victories and the growing interest in crypto assets, boosting market optimism.</p> 
 </div> 
</div>

Why Is XRP Up Today?

Table of Contents

CoinPedia News

Other articles published on Dec 2, 2024

Helium Mobile Price Prediction: MOBILE Is Top Gainer With 72% Surge As Binance, Coinbase Listing ...

Santa Pepe (SANPEPE) Memecoin Will Explode Over 19,000% Before Exchange Listings, While Shiba Inu...

Ethereum Price Prediction: As Bernstein Says Trump Likely To Approve ETH ETF Staking Yields, This...

XRP's Six-Year High of $2.50 — What Made It Happen?

Avalanche (AVAX) Predicted to Break $50 and Rally to $169

MicroStrategy Acquires Additional 15,400 BTC for $1.5 Billion

Join our free newsletter for daily crypto updates!