Ripple’s market cap hits record high of $140B, flips Tether and Solana to become third most valuable crypto asset
2024-12-02

XRP's market capitalization has reached a new all-time high of over $140 billion, surpassing Tether and Solana to become the third-largest crypto asset by market value, CoinGecko data shows.XRP is now the third-largest crypto asset by market cap
XRP has exploded in value over the past month, skyrocketing nearly 400% and outpacing most leading crypto assets. It is now trading at around $2.3, up 26% in the last 24 hours.
The achievement brings Ripple's native crypto closer to its pre-SEC lawsuit glory days. The crypto asset had suffered a sharp decline following the SEC's lawsuit in December 2020.XRP is returning to its glory prior to the SEC lawsuit
At that time, XRP's price dropped from $0.5 to $0.17, with roughly $15 billion wiped out. It took almost four years for XRP to reestablish its position among the top 7 crypto assets, and it is now climbing higher.
XRP is 27% away from its all-time high of $3.4 set in January 2018. It now trails only Bitcoin and Ethereum in the crypto asset rankings. Bitcoin maintains its top spot with a market cap of nearly $2 trillion, while Ethereum follows with a $448 billion valuation.
XRP's upward trajectory began following Donald Trump's presidential victory, with his pro-crypto stance boosting market sentiment. Yet, XRP's major gains are most likely linked to SEC Chair Gary Gensler's resignation.
The token broke past $1 for the first time since November 2021 after Gensler hinted at stepping down, followed by a 25% surge to $1.4 when he officially announced his resignation.
Market observers view Gensler's departure as a potential catalyst for resolving Ripple's legal challenges, with experts suggesting that ongoing SEC cases against crypto companies might be dismissed or settled.
XRP's price appreciation is also supported by positive news like Ripple's stablecoin development, business expansion, and growing institutional interest.
Asset management firms including Bitwise and Canary Capital are seeking SEC approval for XRP ETFs, while Ripple is pursuing approval from the New York Department of Financial Services to launch its RLUSD stablecoin.