The sharp rise in the XRP exchange rate came amid reports about the possible imminent approval in the US of a new stablecoin from Ripple Labs
Cryptocurrency XRP (XRP) from Ripple Labs has entered the third place in terms of capitalization. The coin has surpassed Solana (SOL) and the largest stablecoin USDT from Tether in this ranking and is now second only to bitcoin and Ethereum.
Until the end of November, XRP was ranked fifth on the list of the largest cryptocurrencies, but amid reports that the Ripple Labs' RLUSD stablecoin RLUSD may soon be authorized in the U.S., there has been a surge in the XRP exchange rate.
The New York Department of Financial Services (NYDFS) may soon approve Ripple's dollar-linked RLUSD coin, and the company is considering a possible launch date of Dec. 4, Fox News reported Friday, Nov. 29, citing sources close to the matter.
Since Friday, XRP has risen 80 percent, from $1.5 to $2.73. The historical high for the cryptocurrency was recorded in January 2018 at $3.3.
Ripple's cryptocurrency exchange rate is also supported by investor sentiment following the possible launch of exchange-traded funds on XRP. Several asset managers, including Wisdom Tree, 21Shares, Canary Capital and Bitwise, have filed applications to create an XRP-ETF.
Another factor is the recent announcement of the imminent retirement of Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC). Under the latter's leadership, the SEC is engaged in a multi-year legal battle with Ripple, and crypto market analysts believe that Gensler's resignation will have a positive impact on the outcome of this litigation for Ripple. $XRP
