XRP Overtakes BNB to Become 5th Largest Cryptocurrency, Market Cap Nears $100 Billion
November 30, 2024
Ripple’s XRP has overtaken BNB to become the fifth-largest cryptocurrency by market cap. XRP’s market cap hit $99 billion on Friday, its highest in more than three years.
XRP is seeing strong bullish momentum, with the altcoin rising more than 230% in November.
Is XRP Price On Its Way To A Historic Comeback?
Despite being one of the largest altcoins in the market, XRP has performed poorly in every bull market over the past three years. Ripple’s long legal battle with SEC has greatly impacted the market activity of the altcoin.
However, long-term holders of the token are finally seeing a potential reward. Donald Trump’s re-election and his promise of regulatory clarity have generated significant institutional interest in the token.
The current SEC chief, Gary Gensler, has been a constant thorn in Ripple’s side. However, his resignation earlier this month has generated optimism that Ripple may finally be out of the SEC’s crosshairs.
This optimism has been reflected in recent actions by major institutional investors. Last week, WisdomTree, one of the world’s largest asset managers, filed for an XRP exchange-traded fund in Delaware. This was the third filing for an XRP fund, with Bitwise and Canary Capital joining the race in October.
“Ripple is preparing for a major upgrade to the XRP ledger, designed to boost liquidity and attract institutional investors. This surge in activity could direct hundreds of millions to XRPL tokens, especially in the DeFi space,” wrote influencer Brett on X (formerly known as Twitter).
If approved, the XRP ETF will attract more institutional money to the altcoin and potentially increase demand for it in the market. The same trend has happened for Bitcoin, where the approval of Bitcoin ETFs has seen a surge in institutional demand for the cryptocurrency.
Most importantly, the Trump administration is likely to provide an ideal regulatory backdrop for cryptocurrencies in 2025. The president-elect has reportedly considered cutting the capital gains tax for all cryptocurrencies held in the United States, including XRP.
It is also important to note that Ripple CEO Brad Garlinghouse has been actively donating to the Trump campaign. Furthermore, he recently donated $25 million to the 2026 US midterm elections, even before the Trump administration began in January. Therefore, we are likely to see a very favorable regulatory landscape for XRP in the US, which will further increase demand for altcoins.
