Key Takeaways:
XRP, the native cryptocurrency of Ripple’s XRPL blockchain began December on a historic high after surpassing the coveted $2 mark for the first time in 6 years. The token’s trading volume reached $11.18 billion over the last 24 hours, an increase of nearly 33%.
XRP Market Cap Surpasses $100 Billion, Piping BNB, USDT, And SOL To Rank Third
Ripple also hit another milestone, recording a market capitalization of $100 billion for the first time since 2018. XRP has posted a 238% surge in the last 30 days, mainly driven by the market’s optimism surrounding Donald Trump’s landslide victory in the U.S. elections and his promise to implement friendlier regulations for the industry.
XRP is currently the third-largest cryptocurrency in the market, surpassing Solana (SOL), Binance Coin (BNB), and Tether (USD) to register a market capitalization of $137.83 billion at press time.
Ripple’s impressive price performance can be linked to speculations surrounding the adoption of its RLUSD stablecoin in the U.S. On November 29, the New York Department of Financial Services (NYDFS), the state’s top financial regulator, indicated to Ripple that it would approve the dollar-pegged cryptocurrency.
Ripple Set To Launch RLUSD Stablecoin On December 4
Sources familiar with the matter said that Ripple will be legally allowed to offer RLUSD to the public if approved. This will position the crypto firm as a major player in New York’s highly regulated digital finance market and the wider stablecoin ecosystem.
Ripple has reportedly secured a limited-purpose trust charter from the NYDFS, which is one for businesses in the state to offer specific services on digital assets without being subject to the complex regulatory requirements surrounding traditional banks. Leading stablecoin issuers Circle, Paxos, and Gemini operate under this license.
Ripple has assigned Standard Custody & Trust Company, a limited-purpose trust chartered by the NYDFS, to issue RLUSD upon approval. Ripple acquired the custodian in June, helping it accelerate the launch of the stablecoin. Standard Custody is already a licensed custodian for digital assets in New York.
RLUSD is expected to be launched on December 4, and Ripple has already partnered with crypto payment service providers including, Bitstamp, Moonpay, and Uphold to offer support for the stablecoin to their users. With a fully regulated stablecoin under its belt, the company can offer investors a steady alternative to XRP, allowing them to use a crypto token that does not expose them to the volatile nature of the market and regulatory uncertainty surrounding it.
The price of XRP surged 20% during the Thanksgiving weekend, adding to the 200% rise since October, further solidifying its position as one of the leading cryptocurrencies in the world by market capitalization.
SEC Could Drop Its Lawsuit Against The SEC
Another bullish event about Ripple could be the U.S. Securities and Exchange Commission (SEC) dropping its longstanding lawsuit against the company. During a recent interview with Fox Business, former Commodities Futures Trading Commission (CFTC) chairman Chris Giancarlo suggested that the agency would end its legal pursuit of Ripple.
This comes against the backdrop of current SEC chair Gary Gensler announcing his resignation. Optimism is growing in the market as the Biden-appointed former banker, who has been criticized by industry players for his stringent actions against crypto firms, is poised to step down before Trump’s inauguration. The President-elect promised to replace Gensler with a nominee who would adopt a favorable stance toward the crypto market.
Prediction markets have placed former SEC commissioner Paul Atkins as the frontrunner to head the SEC, with a 60% likelihood for his appointment. The two-time commissioner is supportive of digital assets and the Trump transition team has already held meetings with him. Former Binance US CEO Biran Brooks is another possible candidate for the position, with a 20% chance.
Meanwhile, according to data provided by XRPScan, there has been a tenfold increase in the number of XRP wallet activations over the last three months, indicating a strong general interest in the XRP Ledger’s native token.
November was the best month for the cryptocurrency since December 2017, with its price soaring by 284% over the last 30 days. XRP has vastly outperformed the broader market amid speculation of a more favorable regulatory environment for crypto assets following the recently announced departure of Gensler.
At the time of writing, Ripple (XRP) is trading at $2.39 – up 28.01% over the last 24 hours.
