XRP surges to 7-year high, market cap surpasses SOL and USDT

Ripple's XRP continues its impressive run of form, returning to its highest level since 2018.

The altcoin that received the most attention from the crypto community over the weekend was XRP, recording an increase of more than 28% in the past 24 hours to $2.43.

This is the highest value that XRP has reached since January 2018, when the coin reached its ATH peak of $3.4.

Since November 6, before the US presidential election results, XRP has increased by more than 350%, making it the altcoin in the top 10 in terms of market cap with the strongest increase in the past month.

At its current price, XRP's market capitalization is over $136 billion, surpassing Solana (SOL) and even USDT to become the world's third-largest cryptocurrency.

Top 10 cryptocurrencies with the largest market capitalization, screenshot from CoinGecko at 07:55 AM on December 2, 2024

As reported, the growth momentum of XRP in recent weeks has come from the prospect of the US crypto regulatory environment being relieved after Donald Trump was elected President, with many moves to fulfill commitments to revive the cryptocurrency industry that has been suppressed for many years.

In addition, with SEC Chairman Gary Gensler announcing his resignation in January 2025, the XRP community is very confident that the US Securities and Exchange Commission will not continue to pursue the securities lawsuit against Ripple, which has been dragging on since 2020. The US court previously ruled that XRP was not a security under all of the circumstances as the SEC argued, and ordered Ripple to pay a $125 million fine to end the case, but the US Securities and Exchange Commission rejected the ruling and filed an appeal.

Chris Giancarlo, former CFTC Chairman and a leading candidate to be Trump's White House cryptocurrency policy adviser, told Fox Business last week that he thought the SEC would drop its case against Ripple after losing in court.

Chris Giancarlo Was Formerly At The CFTC & TODAY It’s Been CONFIRMED That The CFTC Will Be Taking A Bigger Role Than The SEC In Regulating Digital Assets Under Trump

Giancarlo Is Highly Speculated To Be Trump’s “Crypto Czar”

He Stated That He Believes The XRP Case Will Be… pic.twitter.com/4tXdoccK8W

— The Bearable Bull (@thebearablebull) November 26, 2024

In addition, Ripple is preparing to introduce a new stablecoin called RLUSD, which is expected to increase the use of this blockchain, as well as attract the attention of US investors, who are increasingly looking for new opportunities in the cryptocurrency industry after witnessing the remarkable growth of Bitcoin in the past year thanks to ETFs