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The Ripple Labs-linked XRP token has become the world's fourth-largest cryptocurrency by market capitalization, after weeks of gains triggered by President-elect Donald Trump's election victory in November and recent speculation about the SEC. It became. There is a possibility that the lawsuit against Ripple will be dropped.
important facts
XRP price exceeded $2.50 early Monday and has since fallen slightly to $2.30. It has risen 21% in the past 24 hours and is up nearly 50% compared to last week.
Since Trump's election victory, XRP's market capitalization has risen from about $30 billion to $131 billion on Monday.
Over the weekend, XRP's market capitalization exceeded $100 billion for the first time since 2018, overtaking Solana's SOL to become the world's fourth most valuable cryptocurrency.
XRP also briefly overtook Tether’s USDT stablecoin market price early Monday before settling down slightly.
Bitcoin, whose value has hovered around $100,000 over the past week, remains the world's most valuable cryptocurrency with a market cap of nearly $1.89 trillion, ahead of the Ether token with a market cap of $436 billion. This is followed by:
What's driving this weekend's XRP surge?
XRP's price has been steadily rising since Election Day, but last weekend's price spike came after Fox Business reported that the New York Department of Financial Services could soon approve the launch of Ripple's stablecoin RLUSD. I woke up. According to reports, the company may be preparing to launch RLUSD as early as December 4th.
news peg
Ripple Labs, which developed the XRP payment protocol and uses the token in its payment platform, was sued by the Securities and Exchange Commission in 2020. The agency accused the company of selling XRP tokens without registering them as securities. Regulators were dealt a blow last July when a federal judge ruled that Ripple did not violate securities laws by selling its tokens on a public exchange. In October of this year, the SEC appealed this decision to the US Court of Appeals for the Second Circuit. However, Trump's election victory and SEC Chairman Gary Gensler's announcement that he will resign in January have sparked speculation about the Ripple scandal. Former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo said in an interview with Fox Business last week that he believes the SEC should drop its lawsuit against Ripple. Giancarlo is one of the top candidates to become the “crypto czar” in the next Trump administration.
What to watch out for
Ripple CEO Brad Garlinghouse, in a post to “How the industry can come together to advocate for people who have lost their lives,” he said. Passage) Through Fair Shake PAC. ”
Main background
The post-election rally in cryptocurrencies has been driven by expectations that a more crypto-friendly regulatory environment will be created under President Trump and a Republican-controlled Congress. During the campaign, the president-elect embraced a pro-crypto stance and pledged to make the United States the “crypto capital of the planet.” This was a major policy shift compared to his previous stance, which described Bitcoin as a “scam” and a disaster waiting to happen.
Read more
Bitcoin price exceeds $90,000 for the first time in history amid President Trump's rise in cryptocurrency prices (Forbes)