The recent surge of Ripple (XRP) has been unstoppable, with its market value surpassing the leading stablecoin Tether (USDT) and Solana (SOL), strongly rising to become the 'third largest cryptocurrency in the world', following Bitcoin (BTC) and Ethereum (ETH), attracting high market attention.
According to CoinGecko market data, Ripple has performed remarkably in the past month, with a cumulative increase of up to 360%. This morning (2), it surged by another 30% to $2.48, still about 30% away from the historical high of $3.4 set seven years ago.
Ripple currently has a market value of $134.8 billion, surpassing USDT's market value of $134.3 billion, as well as Solana (SOL)'s market value of $111.7 billion.
Meanwhile, Bitcoin rose slightly by 1.7% today, currently priced at $97,627; Ethereum also rose slightly by 1.2% to $3,718; while SOL remained stable at $235.
Favorable policies and breakthroughs in lawsuits ignite XRP's surge
The aggressive surge of Ripple is supported not only by technical fundamentals but also driven by favorable policies and the easing of legal disputes. Presto Research's research director Peter Chung analyzed that the market is generally optimistic that Ripple's proposed stablecoin RLUSD will be approved by the New York Department of Financial Services (NYDFS), thus becoming an important catalyst for the recent price surge of Ripple.
(Fox News) reported last week that Ripple hopes to officially launch RLUSD on December 4, but Ripple has not responded to this matter.
Another key message boosting market confidence is the announcement from SEC Chairman Gary Gensler that he will resign in January next year. The legal lawsuit between Ripple and the SEC has been entangled for nearly four years, becoming a significant obstacle to the company's business development. After Gary Gensler's resignation, the new leader may be more inclined to reach a settlement with Ripple or withdraw the appeal. Peter Chung stated:
The resignation of Gary Gensler is undoubtedly great news for Ripple. The new SEC chairman may choose to end this prolonged lawsuit, allowing Ripple to focus more on promoting business growth without worries.
Future Outlook: Ecological Development, ETF Applications
Looking ahead, the ecological development of Ripple and the development of the XRP spot ETF are also highly anticipated. With Bitcoin and Ethereum spot ETFs being approved for listing in the US, the market generally expects that the XRP spot ETF will also debut. Meanwhile, ETF applications for cryptocurrencies like Solana and even Dogecoin (DOGE) are also in the queue, and this trend will undoubtedly further boost the market heat for Ripple.
Peter Chung further pointed out that if Ripple can expand the application ecosystem of the XRP Ledger through RLUSD and attract more users and developers, there is still room for the value of Ripple to rise.
The key lies in whether Ripple can make good use of this opportunity to transform the enthusiasm of the community into actual ecological value. This is not only a continuation of the short-term market but may also be the cornerstone of long-term development in the next phase.
However, he also reminded that while Ripple is currently riding high, whether the market's upward trend can last remains to be seen. If Ripple can break free from legal disputes in the future and focus on technological innovation and application expansion, this surge may just be the beginning of a new chapter.
"Surging 360% in a month, market value surpassing USDT! XRP jumps to 'the third largest cryptocurrency in the world'" This article was first published in (Block People).
