XRP has climbed to the third spot among cryptocurrencies by market cap, overtaking the worldās largest stablecoin Tether (USDT) as well as the āEthereum Killerā Solana (SOL). Data from CoinMarketCap reveals that XRPās capitalization has surged past $1350 billion, leaving only Bitcoin (BTC) and Ethereum (ETH) ahead in the rankings.
Over the past seven days, XRP has increased by almost 70%, pushing its price near $2.5, a level not seen almost seven years ago.
The XRP rally can be traced to a series of political and regulatory developments alongside renewed market speculation. Donald Trumpās election as the 47th President of the United States has reignited enthusiasm across the cryptocurrency market, with Bitcoin approaching the $100,000 mark and Ethereum posting notable gains.
XRP, initially showing moderate activity in November, has gained momentum following reports that Rippleās RLUSD stablecoin is on track for approval by the New York Department of Financial Services (NYDFS) and may launch as early as December 4.
Furthermore, thereās also growing speculation about a potential end to Rippleās legal battle with the Securities and Exchange Commission (SEC), which is fueling bullish sentiment. Investor confidence has been further strengthened by SEC Chair Gary Genslerās resignation and the expectation that a Trump-led administration will adopt a more favorable stance toward the industry.
Other developments include firms like Bitwise and Canary Capital, which are actively pursuing the SECās approval to introduce ETFs focused on XRP.
According to CryptoQuant analyst Maarten Regterschot, XRP is currently experiencing a leverage-driven price surge, with Open Interest (OI) climbing by 37%. This uptick in leverage suggests that traders are aggressively positioning for price movements, which could amplify volatility in the short term.
The analyst cautioned that a similar pattern in the past led to a 17% price decline, emphasizing the importance of managing risk amid such conditions.
Currently, XRPās open interest climbed to $4.23 billion across major trading platforms, as per data compiled by CoinGlass.
The post Ripple (XRP) Breaks Into Top 3 Cryptos After Overtaking Tether (USDT) and Solana (SOL) appeared first on CryptoPotato.
Over the past seven days, XRP has increased by almost 70%, pushing its price near $2.5, a level not seen almost seven years ago.
Whatās Powering XRPās Rally?
The XRP rally can be traced to a series of political and regulatory developments alongside renewed market speculation. Donald Trumpās election as the 47th President of the United States has reignited enthusiasm across the cryptocurrency market, with Bitcoin approaching the $100,000 mark and Ethereum posting notable gains.
XRP, initially showing moderate activity in November, has gained momentum following reports that Rippleās RLUSD stablecoin is on track for approval by the New York Department of Financial Services (NYDFS) and may launch as early as December 4.
Furthermore, thereās also growing speculation about a potential end to Rippleās legal battle with the Securities and Exchange Commission (SEC), which is fueling bullish sentiment. Investor confidence has been further strengthened by SEC Chair Gary Genslerās resignation and the expectation that a Trump-led administration will adopt a more favorable stance toward the industry.
Other developments include firms like Bitwise and Canary Capital, which are actively pursuing the SECās approval to introduce ETFs focused on XRP.
Drawdown Ahead?
According to CryptoQuant analyst Maarten Regterschot, XRP is currently experiencing a leverage-driven price surge, with Open Interest (OI) climbing by 37%. This uptick in leverage suggests that traders are aggressively positioning for price movements, which could amplify volatility in the short term.
The analyst cautioned that a similar pattern in the past led to a 17% price decline, emphasizing the importance of managing risk amid such conditions.
Currently, XRPās open interest climbed to $4.23 billion across major trading platforms, as per data compiled by CoinGlass.
The post Ripple (XRP) Breaks Into Top 3 Cryptos After Overtaking Tether (USDT) and Solana (SOL) appeared first on CryptoPotato.
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