According to CoinMarketCap, at the time of publication, the price of XRP is approximately $2.47 with an increase of 2.64% over the last 24 hours. The market capitalization of the asset reached $141.62 billion.
For several years, the development of Ripple and its native token has been complicated by legal proceedings with the U.S. Securities and Exchange Commission (SEC). The regulator accused the company of the illegal sale of unregistered securities.
Nevertheless, the successful resolution of some legal issues positively affected investor confidence, contributing to the growth in the value of the cryptocurrency.
The return of XRP to leading positions
A significant role in this process was played by Ripple's introduction of a new stablecoin, RLUSD. This currency, integrated into the RippleNet platform, provides expedited and cost-effective international transfers. The launch of RLUSD has attracted the attention of major financial institutions interested in collaborating with the Ripple ecosystem.
XRP's transition to third place instead of USDT demonstrates not just a change in positions in the ranking, but also reflects the growing interest in cryptocurrencies that possess real functionality beyond their use solely as a means of exchange.
Traditionally, stablecoins such as USDT and USDC have occupied leading positions in the market due to their backing by fiat currencies. However, recently, the Tether USDT stablecoin has faced new restrictions in Europe.
Thus, the market capitalization of USDT decreased by 1.2%, reaching a level of $137 billion after the new EU regulations on cryptocurrency market regulation (MiCA) came into effect on December 30. This decline was the most significant in a week since November 2022.
Thus, XRP was able to regain its status as one of the leading cryptocurrencies when favorable conditions arose. Market rumors suggest the possibility of surpassing the $3 mark if the current trend continues.
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