Ripple token XRP has surged past stablecoin Tether (USDT) and Solana (SOL) to become the third-largest crypto by market capitalization.
XRP soared over 28% in the last 24 hours and 346% in the past month to trade at $2.42 as of 2:44 a.m. EST.
The recent gain was a continuation of its bullish weekly momentum, and pushed the crypto’s market cap to above $138.4 billion. USDT’s market cap currently stands at around $134.22 billion, while SOL’s total valuation is $108.5 billion, according to CoinMarketCap.
Regulatory Expectations, RLUSD And ETF Filings Push XRP To Multi-Year High
XRP’s recent surge has pushed the altcoin’s price to its highest point since April 2021.
With Donald Trump entering the White House next month, investors anticipate a friendlier regulator environment for crypto with Gary Gensler stepping down as chair of the US Securities and Exchange Commission (SEC) next month.
Ripple has been embroiled in a legal battle with the regulator regarding XRP’s security status.
Adding to the bullish sentiment around the altcoin is the Nov. 1 filing by 21Shares to launch a spot XRP ETF. The steep rise in the crypto’s price also follows reports that the New York Department of Financial Services (NYDFS) will soon approve Ripple’s stablecoin, RLUSD.
XRP Meme Coins Predicted To Be 100X Opportunities
Another factor that could be pushing XRP’s price up is the recent launch of meme coins on the XRP ledger. This year, Solana has been a popular breeding ground for these lighthearted tokens, with Pump.fun facilitating the creation of the bulk of the meme coins launched during the latest frenzy.
XRP meme coins such as DROP, RPLS and BERT already boast market caps in the millions of dollars. Crypto analyst DonAlt told his more than 620.4K followers on X in a Dec. 1 post that XRP meme coins could soar 100X.
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