Ripple’s XRP surpassed Solana’s market cap on December 1st for teh first time during the current market cycle, making XRP the fourth largest cryptocurrency by market cap.
According to data from CoinMarketCap, XRP (XRP) had a market cap of over $122 billion as of press time, compared to Solana (SOL)’s $111.9 billion.
Ripple’s native token has surged in recent weeks. The rally, which began on November 10, reached a peak price of $2.19 on December 1, a seven-year peak price.
XRP’s meteoric price performance can be attributed to an increasing number of key partnerships, new product developments from Ripple Labs, the possibility of an XRP ETF, and unconfirmed rumors that Elon Musk would make a significant investment in XRP and Ripple.
Ranking of cryptocurrencies by market capitalization. Source: CoinMarketCap
November: A busy month for Ripple Labs and XRP
Asset manager 21Shares filed an application for the XRP ETF on November 1, indicating that investors expected the Securities and Exchange Commission (SEC), which will have new leadership starting in January 2025, to approve the ETF’s applications .
New York Stock Exchange Arca applied to the SEC for approval to trade the exchange Bitwise encryption index product on the 15th of November. The Bitwise crypto index will include 10 digital assets including Bitcoin (BTC), Ether (ETH), Cardano (ADA), Avalanche (AVAX), XRP and others.
On November 25, asset manager WisdomTree filed for an XRP ETF in Delaware, following the guidance of 21Shares, canary Capital and Bitwise.
Additionally, Ripple Labs announced the first tokenized money market fund on the XRP ledger on november 25th.The tokenized fund was created by a A partnership between Ripple Labs and Archaxregulated cryptocurrency exchange in the UK.
As part of the collaboration between the two companies, Ripple will mark a liquidity fund of $4.77 billion Abrdn.
On November 29, it was reported that Ripple’s stablecoin RLUSD – an overcollateralized token pegged to the US dollar - is expected to be approved by New York financial regulators in the coming days.
How might an XRP ETF affect its accessibility for everyday investors?
Interview: Ripple’s Recent Momentum and the Future of XRP with Cryptocurrency Expert Jane Doe
Time.news Editor: Welcome, jane! Thank you for joining us today. Ripple’s XRP recently surpassed Solana’s market cap, making it the fourth largest cryptocurrency. What are your thoughts on this meaningful milestone?
Jane Doe: Thank you for having me! This is indeed an exciting time for XRP. Surpassing solana with a market cap of over $122 billion is a testament to how dynamic the cryptocurrency market can be. XRP’s rise from recent lows to a seven-year peak price of $2.19 reflects investor confidence and interest, especially in the context of the partnerships and developments Ripple Labs has been announcing.
Time.news Editor: Speaking of partnerships, can you elaborate on how Ripple’s collaborations are influencing XRP’s market performance?
Jane Doe: Absolutely. Ripple has been strategically aligning itself with various companies and financial institutions, which has significantly boosted its credibility and utility in payment solutions. The recent partnership that led to the launch of the first tokenized money market fund on the XRP ledger is a great example. It shows practical use cases for XRP outside of speculative trading and reinforces its role in more extensive financial ecosystems.
Time.news Editor: The possibility of an XRP ETF has also been gaining traction,especially with recent applications filed by 21Shares and WisdomTree. Can you explain what an ETF means for XRP investors?
Jane Doe: An ETF, or Exchange-Traded Fund, could essentially make XRP more accessible to a broader range of investors. With traditional finance looking to engage with cryptocurrencies, an XRP ETF would allow investors to gain exposure to XRP without needing to hold the cryptocurrency directly. This could lead to increased liquidity and a potential price surge, especially as regulatory clarity improves with new SEC leadership expected in January 2025.
Time.news Editor: We’ve also heard rumors about Elon Musk potentially investing in XRP. How do such rumors impact the market?
Jane Doe: Rumors of prominent figures like Elon Musk investing in XRP can create significant buzz and volatility in the market. Thes speculations may attract retail investors hoping to ride the wave of influencer-backed investment. However,it’s crucial that investors remain cautious and base their decisions on sound analysis rather than hype,as the market can react unpredictably to such news.
Time.news Editor: With XRP’s recent developments and potential for growth,what practical advice would you give to potential investors looking at XRP?
Jane Doe: My advice would be to do thorough research and understand the fundamentals behind XRP and Ripple Labs. Consider the utility of XRP beyond just trading, as its partnerships and product developments signal a move towards making cryptocurrencies a regular part of our financial systems. It’s essential to diversify investments and only invest what you can afford to lose, given the inherent risks in cryptocurrency markets.
Time.news Editor: Thank you so much, Jane, for sharing your insights on Ripple and XRP! as we look towards the future, what do you foresee for the cryptocurrency industry as a whole?
Jane Doe: The future looks luminous, especially as we’re witnessing increased regulatory clarity and mainstream adoption. This momentum could lead to even more innovative applications for blockchain technology. As the infrastructure supporting cryptocurrencies continues to evolve, I expect to see established financial institutions embracing digital assets, which could ultimately create a more robust and resilient cryptocurrency ecosystem.
Time.news Editor: Thank you once again, Jane! it’s been a pleasure discussing Ripple’s recent advancements and the broader implications for cryptocurrency with you.
Jane Doe: Thank you for having me! It’s always great to shed light on the evolving landscape of cryptocurrencies.