On December 1, 2024, Ripple's XRP token first surpassed Solana's (SOL) market capitalization in the current market cycle — making XRP the fourth largest cryptocurrency by market capitalization.
According to data from CoinMarketCap, at the time of writing this article, the market capitalization of XRP currently exceeds $122 billion, compared to $111.9 billion for Solana.
The original token of Ripple has seen a strong breakthrough in recent weeks — initiating a price surge since November 10 and peaking at a price of $2.19 on December 1 — marking the highest price in seven years for this digital asset.
The extraordinary price performance of XRP can be explained by the increase in the number of key partnerships, new product developments from Ripple Labs, the potential launch of the XRP ETF, and unverified rumors that Elon Musk may invest a significant amount in XRP and Ripple.
Cryptocurrency ranking by market capitalization. Source: CoinMarketCap
November has been a busy month for Ripple Labs and XRP.
Asset manager 21Shares has filed for the launch of an XRP ETF on November 1, 2024 — raising investor expectations that the U.S. Securities and Exchange Commission (SEC) — which will have new leadership in January 2025 — will approve ETF applications.
The New York Arca exchange has petitioned the SEC to allow the listing of the Bitwise crypto index trading product on November 15. The Bitwise crypto index will include 10 digital assets including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Avalanche (AVAX), XRP, and other assets.
On November 25, asset manager WisdomTree filed for an XRP ETF in Delaware — joining the ranks alongside 21Shares, Canary Capital, and Bitwise.
Ripple Labs also announced the release of the first tokenized money market fund on the XRP Ledger on November 25. This tokenized fund became a reality thanks to the collaboration between Ripple Labs and Archax — a regulated cryptocurrency exchange in the United Kingdom.
As part of the collaboration between these two companies, Ripple will tokenize Abrdn's $4.77 billion US dollar liquidity fund.
Recently, on November 29, there was news that Ripple's stablecoin RLUSD — a USD-pegged token with over-collateralization — would receive approval from New York financial regulators in the coming days.
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