Ripple’s native cryptocurrency, XRP, has officially overtaken Tether (USDT) in market capitalization, positioning itself as the third largest cryptocurrency in the industry. XRP’s market cap at press time stands at $136 billion whereas, Tether’s market cap stands at $133 billion. This indicates the impressive momentum XRP is gaining at the moment.
The Driving Force for Ripple’s XRP Surge
The recent flipping of Tether in market cap by XRP indicates its strong performance in recent weeks. Also, it is being believed that the Ripple’s stablecoin (RLUSD) is ready and set to launch soon which is the main cause of this pump.
The stablecoin (RLUSD) has been tested violently in the past few months. This violent testing indicates the readiness of the stablecoin.
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Once the stable coin receives an approval from the New York Department of Financial Services (NYDFS), which is being speculated to be on December 4, 2024, the price of Ripple‘s XRP is bound to soar. This launch will lead to increased investor interest and hence a greater surge can be expected. With the strong backing of the XRP community, the surge is eminent.
Considering the fact that the XRP token has already crossed the $2 mark in the last 48 hours, there are high chances, that the token might hit its new all-time high if the RLUSD is launched day after tomorrow.
At press time, the price of Ripple’s XRP token stands at $2.33 with a surge of 20.6% in the last 24 hours.
XRP’s overtaking of Tether marks a significant shift in the cryptocurrency market. As XRP continues to gain traction ahead of the RLUSD stablecoin launch, it is yet to be seen how will these development affect the broader market.
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