Source: Cult of Money
Key Points
- XRP crosses $150 billion market cap, reaching levels unseen since 2018.
- Ripple’s RLUSD stablecoin nears approval, potentially launching Dec. 4.
- XRP bulls target $3 as the token’s resurgence gains momentum.
XRP’s meteoric rise continued this week as it surpassed a $150 billion market capitalization, marking a significant milestone for the payments-focused cryptocurrency. This growth places XRP as the third-largest cryptocurrency globally, overtaking Tether (USDT) and rekindling optimism among investors.
The token hit a high of $2.75 on Monday, a price last seen in January 2018 during the height of the previous bull market. Data from CoinGecko reveals XRP has surged by 30% in the past week and an astonishing 300% in the past month.
XRP Price Chart As Of December 2, 2024. Source: CoinGecko
XRP Resurgence
Driving this resurgence is a series of favorable developments.
Reports surfaced that Ripple, the company closely tied to XRP, received indications from the New York Department of Financial Services about an impending approval of its RLUSD stablecoin. If approved, RLUSD is expected to launch as soon as December 4, marking Ripple’s entry into the burgeoning stablecoin market.
Market activity surrounding XRP has spiked as a result. Open interest in XRP futures recently hit a record high, with over $2 billion worth of positions reflecting heightened speculative interest.
Ripple's Legal Battle
Ripple’s ongoing legal battles with the U.S. Securities and Exchange Commission (SEC) have long cast uncertainty over XRP, but a series of partial legal victories earlier this year have bolstered investor sentiment.
Additionally, the possibility of an XRP-focused exchange-traded fund (ETF) in the U.S. has further fueled speculation.
Final Thoughts
With traders now eyeing the $3 mark, XRP’s rally represents a broader trend of altcoin resurgence, as Bitcoin (BTC) struggles to break the key $100,000 level.
The coming weeks will be pivotal as Ripple’s RLUSD approval could act as a catalyst for further gains, solidifying XRP’s position as a market leader.
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