As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset market, I must say that the recent surge in XRP‘s market capitalization is nothing short of exhilarating. The fact that Ripple’s XRP token flipped Solana’s market cap for the first time during this market cycle on December 1, 2024, speaks volumes about the potential of this digital asset.
On December 1, 2024, within the ongoing market cycle, Ripple’s XRP token surpassed Solana’s (SOL) market capitalization for the first time, placing XRP as the fourth-ranking cryptocurrency in terms of market value.
According to data from CoinMarketCap, XRP currently has a market cap of over $122 billion at the time of this writing, compared to Solana’s $111.9 billion.
In the past few weeks, XRP, Ripple’s original currency, has been surging significantly. This surge started on November 10th and reached its peak at a price of $2.19 on December 1st, which is a seven-year record high for this digital token.
The impressive surge in XRP’s price can be linked to an increasing number of strategic partnerships, innovative product launches by Ripple Labs, speculation about the potential creation of an XRP Exchange Traded Fund (ETF), and unverified whispers that Elon Musk might significantly invest in both XRP and Ripple.
November has been a busy month for Ripple Labs and XRP
21Shares submitted a proposal for an exchange-traded fund (ETF) based on Ripple (XRP) on November 1, 2024, sparking excitement among investors that the Securities and Exchange Commission (SEC), which will have new leadership starting in January 2025, might endorse this ETF application.
On November 15, the New York Stock Exchange’s Arca division requested approval from the Securities and Exchange Commission (SEC) to list a Bitwise crypto index exchange-traded product. This crypto index will encompass approximately ten digital assets such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Avalanche (AVAX), XRP, and other notable cryptocurrencies.
On November 25th, the asset management company, WisdomTree, submitted an application for a Exchange Traded Fund (ETF) based on Ripple (XRP) in the state of Delaware. This move places WisdomTree among other companies such as 21Shares, Canary Capital, and Bitwise who have also shown interest in creating such ETFs.
On November 25, Ripple Labs unveiled the initial launch of a tokenized money market fund on the XRP Ledger. This groundbreaking development was made feasible through a collaboration between Ripple Labs and Archax, a UK-based cryptocurrency exchange that operates under regulatory oversight.
In the course of their partnership, Ripple is set to convert Abrdn’s $4.77 billion USD liquidity fund into digital tokens.
In the last few days, it was reported that the New York financial regulators are expected to approve Ripple’s RLUSD stablecoin, a US dollar-backed token with overcollateralization, by the end of this week.
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2024-12-02 00:56