XRP flipped USDT and Solana after price surged by 27%

Ripple Labs Inc. XRP, a cryptocurrency launched by , has grown significantly in the last 7 days. These fluctuations brought its market capitalization to the third largest after Bitcoin and Ethereum.

According to data from CoinMarketCap dated November 2, the XRP price increased by 27.72% from $1.8 to $2.3 at the time of writing. In fact, the price increased by 365% from $0.51 last month, making Peanut (PNUT), Stellar (XLM) and Hedera (HBAR) the top gainers.

The price action also increased XRP’s market cap by 26% to $136 billion, making it the third largest market cap in the world, surpassing Tether (USDT) and Solana (SOL) at $134 billion and $108 billion respectively.

1-Day XRP price chart, 08 September – 02 December 2024 | Source: crypto.news

The tokens were also actively traded for approximately $26.41 billion, an increase of 75% in one day. Early last week, XRP had already reversed Binance’s BNB after its market cap reached $97 billion, while BNB was still at $95 billion.

Ripple’s business expansion and market optimism fueled the price movement, pushing towards the all-time high of $3.8 reached 7 years ago.

XRP’s move in the financial market

WisdomTree, one of the Bitcoin ETF issuers in the US, proposed to the state of Delaware for an XRP ETF on November 25. However, it is not officially directed at the Securities and Exchange Commission (SEC); Filings suggesting the division of state companies had already excited the market.

21Shares also proposed a crypto-related product called 21Shares Core XRP Trust to the commission on November 21. Bitwise also made a similar application for the product at the beginning of October.

Although the dispute between Ripple and the SEC has not gotten any better, the market is still optimistic about the next Trump administration supporting crypto-friendly regulations. The SEC’s new chairman will also be chosen after current director Gary Gensler is about to step down before Trump’s inauguration.