Ripple’s XRP token went on an impressive rally to become the fourth-largest cryptocurrency by market capitalization, following weeks of untold rallies spurred on by President-elect Donald Trump’s win in November and recent speculations that the SEC is going to drop its legal case against Ripple.
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Market Cap and Ranking
A great performance for the token associated with Ripple Labs in terms of its market cap which rose by over $100 billion and pushed Solana out of its fourth-place spot. In addition to several factors contributing to the rise, the biggest may include anticipation of a new leader in the SEC, along with possibly the first-ever approval of an XRP ETF.
For whatever reasons, I’ve been hanging on to this one for a while…
Prob my all time favorite from the XRP community. It’s been hanging on a wall in my house… but with all this momentum in the market, I wanted to share it!! pic.twitter.com/L7c861JEJZ
— Brad Garlinghouse (@bgarlinghouse) May 24, 2024
Ripple’s Strategic Moves
Ripple Labs is active in the development of a suite of products beyond the traditional cross-border payments that will include a new stablecoin and other innovative products. This has been reflected in the growing investor confidence in XRP and its performance recently in the market.
It’s Cryptocurrency Market
All these developments have been closely watched by the cryptocurrency market majorly because success in Ripple may mean a bigger change in the market. XRP has outpaced some of the major cryptocurrencies like Solana, which had a market cap of $111.9 billion more than $122 billion.
Investor Sentiment and SEC Changes
With the resignation countdown for SEC Chair Gary Gensler, XRP investors have filled their bags aggressively in hopes that changes within the regulatory landscape are around the corner. The optimism combined with the strategic initiatives within Ripple has led to the recent rally and secured XRP at the top of cryptocurrencies.
Ripple and its XRP token do have a bright future as long as the company keeps coming up with new ideas and growing in the cryptocurrency market. It’s not easy for XRP to become the fourth-largest cryptocurrency by market capitalisation, especially since investors have become more confident and the market is moving faster.
