47th President of the United States

Canary

Solana

XRP has climbed to the third spot among cryptocurrencies by market cap, overtaking the world’s largest stablecoin Tether (USDT) as well as the “Ethereum Killer” Solana (SOL). Data from CoinMarketCap reveals that XRP’s capitalization has surged past $1350 billion, leaving only Bitcoin (BTC) and Ethereum (ETH) ahead in the rankings.
Over the past seven days, XRP has increased by almost 70%, pushing its price near $2.5, a level not seen almost seven years ago.
<h2 id="what-s-powering-xrp-s-rally">What’s Powering XRP’s Rally?</h2>
The XRP rally can be traced to a series of political and regulatory developments alongside renewed market speculation. Donald Trump’s election as the 47th President of the United States has reignited enthusiasm across the cryptocurrency market, with Bitcoin approaching the $100,000 mark and Ethereum posting notable gains.
XRP, initially showing moderate activity in November, has gained momentum following <a href="https://www.foxbusiness.com/markets/ripple-poised-new-york-approval-stablecoin-set-enter-regulated-us-crypto-market" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">reports</a> that Ripple’s RLUSD stablecoin is on <a href="https://cryptopotato.com/heres-when-ripples-stablecoin-is-expected-to-launch-president-monica-long/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">track</a> for approval by the New York Department of Financial Services (NYDFS) and may launch as early as December 4.
Furthermore, there’s also growing speculation about a potential <a href="https://cryptopotato.com/sec-to-dismiss-the-ripple-case-former-cftc-chairman-thinks-so/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">end</a> to Ripple’s legal battle with the Securities and Exchange Commission (SEC), which is fueling bullish sentiment. Investor confidence has been further strengthened by SEC Chair Gary Gensler’s resignation and the expectation that a Trump-led administration will adopt a more favorable stance toward the industry.
Other developments include firms like Bitwise and Canary Capital, which are actively pursuing the SEC’s approval to introduce ETFs focused on XRP.
<h2 id="drawdown-ahead">Drawdown Ahead?</h2>
According to CryptoQuant analyst Maarten Regterschot, XRP is currently experiencing a leverage-driven price surge, with Open Interest (OI) climbing by 37%. This uptick in leverage <a href="https://x.com/JA_Maartun/status/1862537501400822085" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">suggests</a> that traders are aggressively positioning for price movements, which could amplify volatility in the short term.
The analyst cautioned that a similar pattern in the past led to a 17% price decline, emphasizing the importance of managing risk amid such conditions.
Currently, XRP’s open interest climbed to $4.23 billion across major trading platforms, as per <a href="https://www.coinglass.com/currencies/XRP" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">data</a> compiled by CoinGlass.
The post <a href="https://cryptopotato.com/ripple-xrp-breaks-into-top-3-cryptos-after-overtaking-tether-usdt-and-solana-sol/" rel="noopener noreferrer nofollow">Ripple (XRP) Breaks Into Top 3 Cryptos After Overtaking Tether (USDT) and Solana (SOL)</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Ripple (XRP) Breaks Into Top 3 Cryptos After Overtaking Tether (USDT) and Solana (SOL)

Table of Contents

CryptoPotato_News

Other articles published on Dec 2, 2024

Trump’s Team Discusses Potential White House Crypto Role Amid Growing Industry Influence

Trump’s Team Discusses Potential White House Crypto Role Amid Growing Industry Influence

Coins.ph Social Media Hack Promotes Fake $COINSPH Token

HBAR hits seven-month high after 47% rally as whales accumulate

Qubetics Reaches 5,300 Holders with Over 251 Million $TICS Tokens Sold, While Ripple Leads Cross-...

Bertram The Pomeranian Price Prediction: BERT Plummets 15% As This Innovative Staking Meme Coin R...

Join our free newsletter for daily crypto updates!