XRP becomes the third largest cryptocurrency in the world

XRP is showing rapid growth, rising to third place among cryptocurrencies. The token’s value increased by 30% per day, reaching $ 2.44, and its price increased by an impressive 375% in a month.

The rapid rise of XRP is due to several key factors.

One of the main reasons was the news of the possible approval of RLUSD, Ripple’s stablecoin, by the New York Department of Financial Services.

The coin may be launched as early as December 4, which will further strengthen XRP’s position in the crypto market.

Investors are also optimistic about the recent announcement of SEC Chairman Gary Gensler's upcoming retirement in January 2025.

This news has raised hopes for the conclusion of the SEC’s lawsuit against Ripple, which has been ongoing since 2020. The new leadership is expected to facilitate a settlement or offer a more lenient approach to regulation.

An additional impetus to XRP’s popularity is provided by the growth of institutional interest. Companies such as 21Shares and Bitwise have applied to create ETFs linked to XRP, which confirms its integration into the world of traditional finance.

At the time of writing, XRP’s price reached $ 2.44, its market capitalization is $ 139.35 billion,
and daily sales reached $ 29.46 billion.

Photo: coinmarketcap

Valentin Fournier draws attention to a 30 percent increase in open positions on XRP derivatives per day, reaching $ 4.2 billion. This can lead to instability in the market.

XRP’s recent rise is reminiscent of its record high in 2018, when the price reached $ 3.30.

With new momentum and the prospect of regulatory clarity, XRP is on the verge of a transformative stage that could affect its position in the cryptocurrency market.