Originally published on: December 01, 2024
In a surprising turn of events on Dec. 1, Ripple’s XRP token surpassed Solana in market capitalization, cementing its position as the fourth-largest cryptocurrency in the current market cycle. According to data from CoinMarketCap, XRP’s market cap soared to over $122 billion, outpacing Solana’s $111.9 billion.
The remarkable surge in Ripple’s native token can be attributed to a string of key partnerships, recent product developments by Ripple Labs, and speculation surrounding a possible XRP ETF. Rumors of a significant investment by Tesla CEO Elon Musk in XRP and Ripple further fueled the token’s meteoric rise.
21Shares, a prominent asset manager, filed for an XRP ETF on Nov. 1, heightening investor expectations for SEC approval under new leadership slated for January 2025. Additionally, the New York Stock Exchange Arca petitioned the SEC to list the Bitwise crypto index exchange-traded product, featuring top digital assets like Bitcoin, Ether, Cardano, Avalanche, and XRP, among others.
Ripple Labs also made headlines by announcing the first tokenized money market fund on the XRP Ledger in partnership with UK-based regulated cryptocurrency exchange Archax. Furthermore, reports surfaced on Nov. 29 that Ripple’s RLUSD stablecoin is poised to receive approval from New York financial regulators in the near future.
As Ripple’s XRP token continues its upward trajectory, the cryptocurrency market remains on the edge of their seats, eagerly anticipating further developments and partnerships that could propel XRP even higher in the rankings. Stay tuned for more updates on this captivating market battle.
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