Ripple’s market cap hits record high of $140B, flips Tether and Solana to become third
Ripple’s XRP reached a groundbreaking market capitalization of $140 billion, making it the third-largest cryptocurrency by value on December 2, 2024. This historic achievement pushed XRP past Tether and Solana, solidifying its position behind Bitcoin and Ethereum.
XRP has seen explosive growth in the past month, surging nearly 400%. The token now trades at approximately $2.3, a significant leap of 26% in just the last 24 hours. This resurgence follows years of struggle after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple in December 2020.
The lawsuit dealt a heavy blow to XRP, with its price plummeting from $0.50 to $0.17 and erasing $15 billion from its market cap. However, recent developments, including positive political shifts and regulatory changes, have reignited investor confidence.
One of the critical turning points for XRP came with the resignation of SEC Chair Gary Gensler. Gensler’s tenure was marked by aggressive actions against cryptocurrency firms, creating uncertainty in the market. His departure has fueled optimism that pending legal issues, including Ripple’s high-profile case, may soon be resolved.
XRP’s rally began when rumors of Gensler’s resignation surfaced, pushing its price above $1 for the first time since November 2021. Following the official announcement, the token soared another 25%, reaching $1.4. This momentum continued to build, propelling XRP to its current level.
Ripple’s recent ventures have also contributed to its rise. The company is making strides in stablecoin development and expanding its business operations. Notably, Ripple is seeking approval from the New York Department of Financial Services to launch its RLUSD stablecoin. Furthermore, institutional interest is growing, with asset managers like Bitwise and Canary Capital applying for SEC approval to launch XRP-based ETFs.
Despite its impressive growth, XRP is still 27% below its all-time high of $3.4, set in January 2018. Analysts believe the token has room for further gains, especially if regulatory clarity improves. Ripple’s success could inspire a wave of new investments in the broader cryptocurrency market.
Bitcoin remains the undisputed leader, with a market cap of nearly $2 trillion, while Ethereum follows at $448 billion. XRP’s climb to the third spot underscores its resilience and the market’s growing acceptance of Ripple’s ecosystem.
As XRP continues to soar, investors and enthusiasts are closely watching the next moves in the crypto landscape. Ripple’s ongoing efforts to innovate and adapt suggest that this could be just the beginning of a new chapter for XRP.
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