XRP has remained one of the most trending coins in the market over the last month. Recently, the Ripple-backed coin climbed to the fourth position on the top cryptocurrency by market cap list after surging by over 52% in the last seven days.
This exponential surge has brought excitement across the XRP community as the token is finally moving toward reaching its full potential. Recall that XRP was the second-largest cryptocurrency about 10 years ago, only surpassed by Bitcoin, however, the lawsuit by the SEC sent it tumbling and almost falling off the top 10 spot.
XRP Surpasses Solana and BNB
Over the weekend, XRP rocketed toward $2, successfully outpacing Binance Coin, BNB. This came shortly after it flipped Dogecoin (DOGE) earlier last week. Today, December 2, XRP topped Solana (SOL), and briefly surpassed Tether (USDT) to reach the third position, however, the stablecoin quickly recovered to regain its spot, dropping XRP to the fourth position.
Source: CoinMarketCap
XRP now set its target toward reclaiming its previous second position, however, it still has a long way to go before reaching Ethereum (ETH). which has a market cap of over $435 billion.
Notably, XRP’s market valuation is now larger than prominent global companies such as Airbus, Citigroup, and Sony. Along with XRP, other altcoins have posted notable gains over the last 24 hours.
Particularly, Hedera (HBAR) recorded a staggering gain of more than 42% within the last day, and 78% in the last seven days. Other altcoins like Shiba Inu (SHIB), Litecoin (LTC), and VeChain (VET) also saw notable increases over the last day.
Ripple CTO Reacts
Meanwhile, the chief technology officer at Ripple, David Schwartz, has commented on the recent development in XRP’s trajectory.
In a post on X (formerly Twitter), Schwartz noted that XRP’s brief surge into the third position on the cryptocurrency market cap list coincided with his 12-year anniversary at Ripple.
I just officially hit 12 years at Ripple just as XRP moves into the number three position by market cap. Coincidence?
— David "JoelKatz" Schwartz (@JoelKatz) December 1, 2024
Several factors have contributed to the surge in XRP value. The anticipated launch of Ripple’s RLUSD stablecoin is one of the most notable factors.
Eleanor Terret, a Fox Business journalist revealed that the NYDFS is on the verge of granting Ripple the regulatory nod to go ahead with the launch of the dollar-pegged stablecoin. She added that with this approval, Ripple is looking at a launch date of December 4.
If the launch happens, it might catalyze another XRP surge, actively targeted toward its previous all-time high of $3.4.
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