<a href="https://www.blockhead.co/tag/xrp/" rel="noopener noreferrer nofollow">XRP</a> has catapulted into the spotlight, overtaking stablecoin Tether (USDT) to become the third-largest cryptocurrency by market capitalization, now valued at $138.675 billion, per CoinMarketCap data.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/093bd0e8e2274085a3746806a31608b2.jpeg" />This remarkable climb comes amidst a 30% daily price surge to $2.44 and an extraordinary 375% rally over the past month. The ascent is attributed to a combination of regulatory optimism, potential product launches, and broader market dynamics.XRP’s growth has been bolstered by key developments, including reports that the New York Department of Financial Services (NYDFS) is nearing approval of Ripple&#39;s <a href="https://www.blockhead.co/tag/rlusd/" rel="noopener noreferrer nofollow">RLUSD</a> stablecoin, with a <a href="https://www.foxbusiness.com/markets/ripple-poised-new-york-approval-stablecoin-set-enter-regulated-us-crypto-market?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">rumored launch date of December 4</a>. The potential launch is seen as a pivotal moment, further integrating XRP into the digital asset ecosystem.Ripple has also benefited from the <a href="https://www.blockhead.co/2024/11/22/gensler-officially-announces-sec-exit-crypto-rejoices/" rel="noopener noreferrer nofollow">imminent departure of SEC Chair Gary Gensler</a>, scheduled for January 2025. His exit has reignited speculation about the resolution of the <a href="https://www.blockhead.co/2024/10/25/ripple-files-new-appeal-in-secs-xrp-lawsuit-garlinghouse-lashes-out-at-gensler-again-2/" rel="noopener noreferrer nofollow">SEC’s long-standing lawsuit against Ripple</a>, which has shadowed XRP since 2020. Market optimism suggests that new leadership at the SEC may lead to settlements or reduced enforcement actions.Investor interest has surged alongside filings for XRP-focused ETFs from notable firms such as <a href="https://www.blockhead.co/2024/11/28/bitwise-files-for-10-crypto-index-etfs-gets-investment-from-ripple-for-xrp-etf-2/" rel="noopener noreferrer nofollow">21Shares and Bitwise</a>. These applications, coupled with Ripple&#39;s expanding partnerships and ecosystem advancements, indicate a broader institutional pivot toward XRP.BRN analyst Valentin Fournier warns, however, that this rally may be partly fueled by speculative leverage. &#34;According to <a href="https://www.coinglass.com/currencies/XRP?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">CoinGlass</a>, open interest in XRP derivatives has soared 30% in just 24 hours, reaching $4.2 billion. This sharp rise could signal heightened market volatility, with the potential for short-term corrections,&#34; Fournier said.The recent price surge is also reminiscent of XRP’s performance during prior market booms, including its record highs in 2018, when it hit $3.3. With renewed momentum and regulatory clarity on the horizon, Ripple’s future appears poised for significant transformation.<a href="https://www.blockhead.co/2024/12/02/xrp-surges-to-become-third-largest-cryptocurrency/#/portal/signup/free" rel="noopener noreferrer nofollow">Join Blockhead today for FREE and stay in the loop on digital assets!</a>

XRP Surges to Become Third Largest Cryptocurrency

Blockhead

Other articles published on Dec 2, 2024

Record-Breaking Ethereum Open Interest: Is a Surge in ETH Price Imminent?

Ripple Whales purchase revives investor’s market interest

Is Microsoft the Missing Piece in Bitcoin $100K Puzzle?

XRP’s $44M Transfers Highlight Market Momentum — DOGEN Positioned for Explosive Growth

Captain Tsubasa: Rivals Gives 5 Million Free Balls Daily

PNUT Whale Withdraws $6 Million in ACT Tokens From Binance: Bullish or Just Moving Funds?

Join our free newsletter for daily crypto updates!