XRP Jumps 21%, Flips USDT to Become the Third-Largest Crypto
After flipping Solana nearly a week ago, XRP has overtaken (USDT) to become the third-largest cryptocurrency following a 21% surge in the past 24 hours. According to CoinGecko’s data, the coin has risen 69% in the past seven days and gained 365% in November.
Additionally, XRP’s market valuation has reached $137 billion, while USDT’s stand at $133.23 billion after Tether, the stablecoin issuer, minted over 14 billion USDT tokens last month.
Drivers of XRP Rally Revealed
So, what’s fueling the XRP rally? Well, investors are now optimistic that Ripple Labs’ regulatory issues with the Securities and Exchange Commission (SEC) could soon end following Donald Trump’s re-election and the regulator’s Chair Gary Gensler’s decision to resign next month.
Gensler and other democratic SEC Commissioners have targeted crypto companies in the past four years over accusations of offering unregistered securities. Now, many expect Trump to appoint a crypto-friendly SEC Chair who will focus on providing clear guidance to crypto firms rather than attacking them.
Court Could Dismiss SEC’s Case Against Ripple Labs, Crypto Experts Claim
In 2020, the SEC charged Ripple Labs for offering unlicensed securities through XRP token sales. While the court ruled in favor of the crypto firm in July 2023, the regulator filed an appeal earlier this year.
Consensys boss Joe Lubin now says the court will likely dismiss the SEC’s appeal after Trump’s inauguration in January. Similarly, former Chair of the Commodity Futures Trading Commission (CFTC) Chris Giancarlo says legal wars between the SEC and crypto companies could be dropped, arguing many industry players were unfairly targeted by Gensler and his colleagues.
Report: NYDFS to Approve Ripple Labs’ RLUSD Stablecoin This Month
Besides Trump’s win and Gensler’s upcoming resignation, the anticipation surrounding the launch of Ripple Labs’ stablecoin, RLUSD, could be another driver of the latest rally. Last Friday, a Fox Business reporter said the New York Department of Financial Services (NYDFS) planned to approve RLUSD before the end of December.
If approved, RLUSD will be launched immediately, according a Ripple Labs’ statement in August. The stablecoin will be used to facilitate cross-border payments on the XRP network.
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