$XRP Surges 25%, Becomes Third Largest Cryptocurrency, Overtaking Solana and Tether
In a remarkable turn of events,XRP the utility-driven cryptocurrency backed by Ripple Labs, has soared past $SOL and Tether (USDT) to claim the position of the third largest cryptocurrency by market capitalization.
The large-cap altcoin experienced a stunning 25% price increase in the last 24 hours, reaching approximately $2.40 during the early Asian session on Monday, December 2.
With a market capitalization of around $140 billion and a fully diluted valuation exceeding $240 billion,$XRP saw a significant spike in daily trading activity, with volume surging 45% to $23 billion at the time of reporting.
Why Did XRP Rally?
XRP's recent surge can be attributed to a combination of favorable market dynamics and regulatory clarity. Here's what drove the rally:
1. Regulatory Wins: Ripple Labs' ongoing legal battle with the U.S. SEC has seen recent developments favoring XRP, boosting investor confidence in its long-term prospects.
2. Increased Adoption: The utility of XRP in cross-border payments and its integration with major financial institutions continue to strengthen its position in the crypto ecosystem.
3. Broader Market Momentum: A bullish trend in the broader crypto market likely amplified XRP's upward movement, with investors seeking high-growth opportunities.
4. Whale Activity: Significant accumulation by large holders ("whales") added buying pressure, contributing to the price surge.
5. Improved Sentiment: Positive sentiment fueled by strong trading volume and community support propelled XRP’s rapid ascent.
