Originally published on: December 02, 2024
The world of cryptocurrency is buzzing as Ripple’s XRP token has reached a new peak in 2024. Investors are hopeful about the future of crypto in the United States, especially with President-elect Donald Trump’s victory on the horizon.
On December 1, XRP surpassed Solana in market capitalization and has now claimed the title of the third-largest crypto asset, overtaking Tether’s USDT. According to data from Cointelegraph Markets Pro, XRP surged to $2.46 on December 2 before settling back down to $2.29.
This surge in XRP’s price comes amidst expectations of a more crypto-friendly US political environment and progress on Ripple’s stablecoin project, RLUSD. The recent victory of Trump in the 2024 US presidential election has boosted the crypto market, with Bitcoin hitting an all-time high of $99,645 on November 22. XRP, along with other crypto assets, followed suit as investors anticipated a shift in US crypto policies.
Rumors of a meeting between Ripple CEO Brad Garlinghouse and Trump have also sparked excitement within the community. XRP saw a price increase of over 17% on November 15 amid speculation about the meeting.
While Ripple has faced legal challenges from the SEC in the past, there is hope that these issues may be resolved under the new administration. Industry experts like Chris Giancarlo believe that regulatory agencies should drop pending cases, including Ripple’s, to allow the industry to move forward.
Additionally, anticipation surrounding Ripple’s RLUSD stablecoin project has contributed to XRP’s recent surge. The New York Department of Financial Services is expected to approve the stablecoin soon, with a potential launch by December 4.
As crypto enthusiasts eagerly await the official approval of RLUSD and potential developments under the new US government, XRP continues to rise to new heights in 2024. Don’t miss out on the latest updates in the world of cryptocurrency – subscribe to the Markets Outlook newsletter for critical insights every Monday!
