Ripple’s native token, $XRP, has finally surpassed Solana’s (SOL) market value, driven by anticipation surrounding its stablecoin (RLUSD) launch. In the early hours, XRP briefly surged to $2.085. According to the available data, XRP’s market value has reached US$117.5 billion, overtaking SOL’s US$112.1 billion. XRP is now ranked third in cryptocurrency market capitalization.
Dear $XRP Jedi Warriors…
You were right, I was wrong. Well done! Dinosaurs still roam the earth 😉
I just want everyone to make $$ and you guys have walked through hell to get here. I still own some XRP from the delisting but you guys/girls deserve everything.
👏
— Raoul Pal (@RaoulGMI) December 1, 2024
Ripple vs. Solana Market Trends
Currently, XRP is trading at $2.3263 after a 22.05% surge in the past 24 hours, while SOL is trading at $235.77 following a 0.75% dip. Ripple’s market cap has also increased by 22.05%, with its 24-hour trading volume rising by 21.81% to $19.27 billion.
In contrast, Solana’s market cap has fallen by 1.33%, despite a 5.82% increase in its 24-hour trading volume to $3.77 billion. The dip in SOL may be attributed to selling pressure.
A New Start for Ripple with Stablecoin RLUSD Launch
During November’s ‘Trump trade’ phenomenon, the crypto market saw an overall uptrend, but Ripple faced slight setbacks due to its prolonged regulatory limbo. The US SEC lawsuit, which alleged that Ripple was an unregistered security, created significant uncertainty among investors. Before these regulatory challenges, $XRP was the third-largest cryptocurrency by market cap. When the SEC sued Ripple in December 2020, XRP’s price plummeted from around $0.50 to $0.17, erasing over $15 billion in market value.
Now, with the regulatory situation improving, Ripple supporters could see a fresh start for the crypto they have long championed.
Wow. Pre-lawsuit, $XRP was the third largest cryptocurrency by market cap. When the @SECGov sued @Ripple in December 2020, the price fell from around $0.50 to $0.17, taking out with it more than $15B in market value. While the price recovered, $XRP spent the next four years at… pic.twitter.com/FGaVNoz0VF
— Eleanor Terrett (@EleanorTerrett) December 1, 2024
Optimism also stems from Ripple’s upcoming stablecoin, RLUSD, which is nearing approval from the New York Department of Financial Services (NYDFS) and is set to launch on December 4, 2024. Once approved, Ripple will be able to legally offer RLUSD to the public, solidifying its position in New York’s regulated digital finance market and the broader stablecoin ecosystem.
Ripple, known for its utility in international payments, is undoubtedly back in the game!
Also Read: Ripple’s RLUSD Launch Sparks Buzz Around Hedera Collaboration!