According to CoinGecko data, the price of XRP was $2.72 as of December 2nd at 6pm ET, an increase of about 25% in the past 24 hours and a jump of about 91% in the past seven days.
XRP’s market capitalization was around $30 billion right after the presidential election, but has now risen to around $156 billion (about 23.3 trillion yen).
XRP’s market capitalization has surpassed $100 billion in the past few days, making it the fourth most valuable crypto asset in the world, surpassing Solana (SOL). It has as surpassed the market capitalization of stablecoin Tether (USDT).
Conversely, the price of Bitcoin (BTC) is struggling to exceed $100,000 and is still in the range of $95,000, but it is the most valuable crypto asset in the world with a market capitalization of $1.89 trillion Ether (ETH) is in second place, with a market capitalization of $437 billion.
The price of XRP has been rising steadily since the presidential election, but the reason behind the token’s sharp rise over the weekend was the declaration by the New York state Department of Financial Services (NYDFS) that FOX Business would report that hoping he will approve. the RLUSD base.
Ripple, wich developed the XRP payment protocol and uses it in its payment platform, was sued by the SEC in 2020, accusing it of “selling the token without registering it as a security.” A federal court afterward ruled in July of last year that Ripple’s sale of tokens on the open market did not violate securities laws, but the SEC appealed the case to the Court of Appeals in October of this year.
However, in addition to Trump’s victory in the presidential election, there is speculation that SEC Chairman Gensler’s announcement that he will step down next January will work in Ripple’s favor. Chris Giancarlo, former chairman of the Commodity Futures Trading Commission (CFTC) and crypto advocate, told FOX Business last week that the SEC should drop its lawsuit against Ripple. Giancarlo is expected to be the first crypto Czar in the next Trump administration.
What factors contributed to Ripple’s rise in market capitalization after the recent elections?
Interview with Crypto Expert on Ripple’s Surge in Market Capitalization
Time.news Editor: Welcome to our interview today. We’re joined by [expert’s Name], a renowned expert in the cryptocurrency field, to discuss Ripple’s recent rise, especially following the US presidential elections. First, can you share your insights on Ripple (XRP) now being the third largest crypto asset by market capitalization?
[Expert’s Name]: Thank you for having me. It’s quite captivating to witness Ripple’s meteoric rise in the crypto market, especially since it has jumped to around $156 billion in market capitalization following President-elect Donald Trump’s victory. This surge comes after a important price increase of about 91% over the past week, which is quite remarkable.
Time.news Editor: What do you think are the primary reasons behind this dramatic increase in XRP’s price?
[Expert’s Name]: Several factors contribute to this price surge. Firstly, there’s the market sentiment following the elections. Investors are frequently enough optimistic about new administrations,especially in the cryptocurrency space. Secondly, the ongoing developments regarding the SEC lawsuit against Ripple Labs have created speculation around regulatory changes. With the possibility that SEC Chairman Gary Gensler may step down in january, this could positively affect ripple’s legal situation.
Time.news Editor: Speaking of the SEC, can you explain the implications of the ongoing lawsuit against Ripple Labs and its most recent court ruling?
[Expert’s Name]: Absolutely. The SEC initially accused Ripple of selling XRP as an unregistered security, which raised concerns for many investors and stakeholders in the industry. The federal court ruled last July that trading XRP on the open market did not violate any securities laws.However, the SEC’s recent appeal created uncertainty. should the SEC drop the lawsuit,it could pave the way for further institutional adoption of XRP as a legitimate asset.
Time.news Editor: That’s insightful. Given the current trends, how do you see XRP positioning itself against other cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH)?
[Expert’s Name]: While Bitcoin remains the most valuable cryptocurrency with a market cap of around $1.89 trillion, XRP is asserting itself as a strong contender. it’s notable that XRP has recently surpassed not only Solana but also Tether, the leading stablecoin, signaling growing confidence in Ripple’s utility and adoption. The fact that Ripple’s payment protocol underpins its value is a crucial differentiator from other cryptocurrencies relying primarily on speculative trading.
time.news Editor: Are there any practical tips you would advise for investors looking to venture into Ripple or XRP at this moment?
[Expert’s name]: Certainly. For anyone considering investing in XRP, it’s critical to stay informed about the regulatory landscape surrounding cryptocurrencies. Given the volatility frequently enough associated with crypto investments, I advise potential investors to conduct thorough research, understand the underlying technology of Ripple, and consider diversifying their portfolios. Setting clear investment goals and maintaining a long-term viewpoint can also prove beneficial, especially in a rapidly changing market.
Time.news Editor: Thank you for those valuable insights. As Ripple continues to develop, we look forward to seeing how the landscape evolves and impacts the overall cryptocurrency market.
[Expert’s Name]: My pleasure,and thank you for the opportunity to discuss such an exciting topic!