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XRP Becomes Third-Largest Cryptocurrency

XRP surpasses Tether as its runaway pump continues.

Dec 2, 2024 • 1 min read

XRP has overtaken Tether (USDT) to become the world’s third-largest cryptocurrency by market capitalization, following a dramatic price surge.

What’s the Scoop?

Skyrocketing price: XRP’s market cap reached $141.8 billion, surpassing USDT’s $134.5 billion. Its price rose 30% in 24 hours to $2.46, with a monthly increase of 364.1%.
Stablecoin approval? The surge follows reports that NYDFS may approve Ripple’s RLUSD stablecoin by Dec. 4 as well as SEC Chair Gary Gensler’s upcoming resignation easing legal pressures on Ripple.
Next spot ETF? XRP ETFs are being explored by major asset managers, signaling institutional interest.

Bankless Take

XRP’s explosive growth reflects shifting dynamics in regulatory and institutional sentiment. The RLUSD stablecoin approval could solidify Ripple’s role in the digital asset space, while Gensler’s departure might pave the way for resolution in ongoing SEC litigation. However, sustaining this momentum depends on leveraging ecosystem growth and institutional adoption. The upcoming ETF decisions will serve as a litmus test for XRP’s broader market acceptance.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

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