On Monday (December 2), Ripple (XRP) soared nearly 30% in a single day, with rumors circulating that billionaire Elon Musk is preparing to invest $104 billion in XRP, though this rumor has yet to be officially confirmed. US media reported that Ripple is expected to gain approval from New York and will soon enter the regulated US cryptocurrency market.
On Monday, XRP surged sharply to $2.4578, according to CoinGecko data, XRP's market cap surpassed that of US blue-chip public chain Solana's token SOL, ranking 4th in the cryptocurrency market cap leaderboard with a market cap of about $130.1 billion.
The news that Musk will invest $104 billion in XRP originated from a post on the forum of Binance, the world's largest cryptocurrency exchange, and quickly spread on platforms like Reddit and Twitter. However, as of now, Musk has not confirmed the accuracy of the news.
"Trump Trade" continues to boost the cryptocurrency market, as he tends to support Bitcoin and cryptocurrencies, promising to establish a Bitcoin strategic reserve and loosen regulatory requirements for cryptocurrency companies. Traders are betting that the new SEC chair chosen by Trump will take a friendly stance towards cryptocurrencies, potentially bringing an end to Ripple's protracted legal disputes.
Fox Business has learned that New York's top cryptocurrency regulator is about to approve a new type of stablecoin RLUSD issued by Ripple.
Ripple's core business revolves around its decentralized global payment network RippleNet, which uses blockchain technology to provide banks and enterprises with faster, cheaper, and more efficient cross-border payment solutions. It is considered an alternative to the global banking settlement system SWIFT.
Ripple's native token XRP acts as a bridge currency for settling these transactions, but due to the SEC's continued argument in court that it is an unregistered security, the token is currently in a state of regulatory uncertainty in the US.
The case is currently in the second circuit appeal stage, and once the Trump administration takes office in January 2025, it may overturn the ruling in this case.
Forbes reported that Tether, the issuer of the world's largest dollar stablecoin USDT, has achieved great success, bringing in billions of dollars in revenue each quarter for the company based in the British Virgin Islands, which has sparked a digital gold rush as competitors are scrambling to capture market share, including internet payment giant PayPal launching its own stablecoin.
Tokyo Bitbank Bitcoin and cryptocurrency market analyst Yuya Hasegawa stated: "With pro-fintech former SEC commissioner Paul Atkins seen as the new SEC chairman for Trump's second term, Bitcoin's price rebounded from $91,000 on Wednesday." He added that the US Thanksgiving holiday could act as a catalyst for Bitcoin's price to rise to $100,000 per Bitcoin.
"In the cryptocurrency market, there are also market anomalies around Thanksgiving. During bull markets, Bitcoin tends to suffer losses around Thanksgiving, but the price usually starts to rise again after a week or two. This 'Thanksgiving anomaly' was observed during the bull markets of 2016 and 2020, which were also the years when Bitcoin halved. In April of this year, Bitcoin experienced its fourth halving, so many market participants may see the decline around Thanksgiving as a huge opportunity."
