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XRP Sees Historic Rally Amid Political and Ecosystem Developments
According to Cointelegraph, XRP experienced a significant rally in November 2024, driven by political factors and advancements within its ecosystem. Georgios Vlachos, co-founder of the Axelar open-source interoperability platform, highlighted the potential impact of the upcoming RLUSD stablecoin on XRP demand in 2025. Vlachos noted that stablecoins are widely used for transactions and as a store of value, particularly in emerging economies. The RLUSD stablecoin is expected to primarily settle transactions on the XRP Ledger (XRPL) and the XRP-EVM sidechain, thereby increasing demand for XRP. He explained that XRP holders benefit from these transactions as they require gas fees paid in XRP, which results in the burning of some XRP with each transaction.
XRP reached a seven-year high of approximately $2.90 on December 3, 2024, before retreating to current levels. This pullback followed the Relative Strength Index (RSI) hitting 95, indicating an overbought condition. Despite this, several factors continue to attract investor interest in XRP as 2025 approaches. The cryptocurrency's rally was partly fueled by Donald Trump's electoral victory on November 5, which brought optimism to the crypto market due to his pro-crypto stance and the potential for a more favorable regulatory environment in the United States.
Additionally, on November 25, asset management firm WisdomTree filed for an XRP exchange-traded fund (ETF), joining other firms like Bitwise, Canary Capital, and 21Shares, which have also submitted applications to the Securities and Exchange Commission (SEC) for similar ETFs. On December 1, XRP surpassed Solana in market capitalization, becoming the fourth-largest cryptocurrency. Data from CoinMarketCap shows XRP's market cap at approximately $138 billion, just under $2 billion short of Tether's market cap of around $140 billion.
The New York Department of Financial Services (NYDFS) approved Ripple's RLUSD stablecoin on December 10. This dollar-pegged stablecoin will be overcollateralized by fiat cash reserves and short-term cash equivalents like US Treasury bills, and it will be redeemable at a 1:1 ratio with US dollars. Readers are reminded that this article does not provide investment advice or recommendations. All investment and trading activities involve risk, and individuals should conduct their own research before making decisions.
XRP reached a seven-year high of approximately $2.90 on December 3, 2024, before retreating to current levels. This pullback followed the Relative Strength Index (RSI) hitting 95, indicating an overbought condition. Despite this, several factors continue to attract investor interest in XRP as 2025 approaches. The cryptocurrency's rally was partly fueled by Donald Trump's electoral victory on November 5, which brought optimism to the crypto market due to his pro-crypto stance and the potential for a more favorable regulatory environment in the United States.
Additionally, on November 25, asset management firm WisdomTree filed for an XRP exchange-traded fund (ETF), joining other firms like Bitwise, Canary Capital, and 21Shares, which have also submitted applications to the Securities and Exchange Commission (SEC) for similar ETFs. On December 1, XRP surpassed Solana in market capitalization, becoming the fourth-largest cryptocurrency. Data from CoinMarketCap shows XRP's market cap at approximately $138 billion, just under $2 billion short of Tether's market cap of around $140 billion.
The New York Department of Financial Services (NYDFS) approved Ripple's RLUSD stablecoin on December 10. This dollar-pegged stablecoin will be overcollateralized by fiat cash reserves and short-term cash equivalents like US Treasury bills, and it will be redeemable at a 1:1 ratio with US dollars. Readers are reminded that this article does not provide investment advice or recommendations. All investment and trading activities involve risk, and individuals should conduct their own research before making decisions.
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