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XRP’s Meteoric Rise: Surpasses Solana and USDT to Become Third Largest Cryptocurrency

ⓒ The New Zealand Herald

The cryptocurrency XRP, developed by Ripple Labs Inc., has experienced phenomenal growth over the past week, propelling its market capitalization to the third-largest globally, trailing only Bitcoin and Ethereum.

According to CoinMarketCap data from November 2nd, XRP’s price surged by 27.72%, climbing from $1.8 to $2.3. This remarkable increase follows a staggering 365% surge from $0.51 over the past month, placing it among the top-performing cryptocurrencies alongside Peanut (PNUT), Stellar (XLM), and Hedera (HBAR).

This price surge has significantly boosted XRP’s market capitalization to $136 billion, surpassing both Tether (USDT) and Solana (SOL), which currently hold $134 billion and $108 billion, respectively. Daily trading volume for XRP also saw a substantial increase of 75%, reaching approximately $26.41 billion.

Earlier in the week, XRP’s market cap even exceeded that of Binance’s BNB, reaching $97 billion compared to BNB’s $95 billion. Analysts attribute this price surge to a combination of Ripple’s expanding business operations and growing market optimism, driving the price towards its all-time high of $3.8, last seen seven years ago.

The positive momentum is further fueled by recent developments in the financial market. WisdomTree, a prominent U.S. Bitcoin ETF issuer, has proposed an XRP ETF to the state of Delaware. While not yet officially submitted to the Securities and Exchange Commission (SEC), this proposal has already generated significant market enthusiasm.

Other companies, such as 21Shares and Bitwise, have also submitted similar applications for XRP-related products. Despite the ongoing legal dispute between Ripple and the SEC, the market remains optimistic, particularly anticipating a more crypto-friendly regulatory environment under the next Trump administration. The upcoming change in SEC leadership, with Gary Gensler’s expected departure before Trump’s inauguration, further contributes to this optimistic outlook.

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