The sign XRPattached to Ripple Labshas become the fourth largest cryptocurrency in the world in terms of market capitalization. This achievement comes after a week-long rally inspired by the Gaeltacht election victory Donald Trump in November and recent speculation about the SEC’s possible abandonment of the lawsuit against Ripple.
Main details
- After Trump’s election victory, the market capitalization of XRP increased from about $30 billion to $131 billion.
- XRP’s market capitalization surpassed $100 billion for the first time since 2018 over the weekend, surpassing Solana’s SOL to become the fourth most valuable cryptocurrency in the world.
- Bitcoin, which passed around $100,000 last week, remains the world’s most valuable cryptocurrency with market capitalization of nearly $1.89 trillionfollowed by the Ether token which has a market capitalization of $436 billion.
What triggered Xrp’s surge this weekend?
Even though the price of XRP has risen steadily as Election Day, their prices surged over the weekend after.Fox Business he reported that the New York Department of Financial Services may soon approve the launch of Ripple’s RLUSD stablecoin.The report said the company could prepare to launch RLUSD as early as December 4.
News Peg
Ripple Labswhich developed the XRP payment protocol and uses the token for its payments platform, was sue in 2020 by the Securities and Exchange Commission. The agency he accused the company that sold XRP tokens without registering them as securities. In July of last year, the regulatory agency suffered a serious blow after a federal judge ruled that Ripple did not violate securities laws by selling the token on public exchanges.
In October of this year, the Sec he appealed against the ruling in the united States Court of Appeals for the Second Circuit. Though,Trump’s election victory and SEC Chairman Gary Gensler’s resignation announcement in January fueled speculation about Ripple’s situation.
what to look out for
In a post on X Last week, ripple CEO Brad Garlinghouse said the programme 60 Minutes CBS News interviewed him “about cryptocurrency, the push for regulatory clarity, and how the industry came together to support pro-innovation candidates (on both sides of the fence) through Fairshake PAC.”
Background
The post-election cryptocurrency boom is driven by expectations of a friendlier regulatory environment for crypto under the Trump-controlled Congress. During his campaign, the president-elect took a pro-crypto stance and promised to make the United States the “crypto capital of the planet.” This was a major policy change from his previous position, when he defined Bitcoin “scam” and a disaster waiting to happen.
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How could the outcome of the SEC lawsuit impact Ripple and its future in the crypto space?
Time.news Interview: Understanding Ripple’s Surge with Cryptocurrency Expert
Interviewer (Time.news Editor): Welcome to Time.news! Today, we have a special guest, Dr. Sarah Mitchell, a renowned cryptocurrency expert and economist. Dr.Mitchell, thank you for joining us!
Dr. Sarah Mitchell: Thank you for having me! It’s an exciting time for the cryptocurrency market.
Editor: Absolutely! We’re here to discuss the recent rise of XRP, which, as you know, has surged to become the fourth largest cryptocurrency following Donald Trump’s victory in the Gaeltacht election. What are your initial thoughts on this dramatic change?
Dr. Mitchell: It’s a interesting development! XRP’s ascendancy to a market capitalization of $131 billion, especially after a prolonged period of fluctuations, signals renewed investor confidence. The speculation around the SEC possibly dropping its lawsuit against Ripple certainly plays a significant role in this rally.
Editor: Can you elaborate on the implications of the SEC lawsuit and why its potential abandonment seems to influence XRP so strongly?
Dr. Mitchell: Definitely.The SEC lawsuit has been a cloud over Ripple since late 2020, causing uncertainty not just for XRP but for the entire cryptocurrency market. If the SEC were to abandon its suit, it would likely eliminate fears surrounding Ripple’s compliance with securities laws, making XRP more attractive to institutional investors and potentially leading to further price increases.
Editor: That makes sense. The surge you mentioned came swiftly—growing from $30 billion to $131 billion. What factors do you believe contributed to this explosive growth?
Dr. Mitchell: The timing of Trump’s election victory is key. Political events can considerably sway market sentiment. Investors often look to political stability and favorable regulations as indicators for future market performance. Coupled with the legal news regarding Ripple, the market reacted with enthusiasm. This sort of sentiment can accelerate buying activity, pushing the prices higher as more investors rush in.
Editor: And what about XRP surpassing Solana to become the fourth-largest cryptocurrency? What does this signify for the market?
Dr.mitchell: This is notable, as Solana has been one of the rising stars among cryptocurrencies. XRP reclaiming such a position highlights the volatility and competitiveness in the crypto space.It could also signal that investors are looking for more established options like Ripple, especially given recent regulatory clarifications surrounding its operations.
Editor: Engaging points! With this surge, what do you think the future holds for XRP and Ripple Labs in 2024?
Dr.Mitchell: If the trend continues, and especially if Ripple can secure a favorable outcome with the SEC, I anticipate XRP could see even greater mainstream adoption. Ripple has established itself with various financial institutions, positioning itself well for growth in digital payment solutions. Though, the market will undoubtedly remain volatile, influenced by external regulatory environments and overall crypto adoption trends.
Editor: Before we wrap up, are there any final thoughts you’d like to share with our audience regarding cryptocurrency investment strategy in light of recent events?
Dr. Mitchell: Absolutely. It’s essential for investors to stay informed and approach the market with caution. Understanding regulatory changes and political events is vital. Furthermore, diversifying investments and conducting thorough research before entering positions can help mitigate risks in such a volatile surroundings.
Editor: Thank you, Dr. mitchell,for your insights and expertise. It’s always a pleasure to have you on Time.news!
Dr. Mitchell: Thank you for having me! Exciting times lie ahead in the world of cryptocurrency.