XRP, the cryptocurrency of the Ripple company, has seen a significant increase in price over the past week, with its market cap recently swapping positions with Tether (USDT), a stablecoin, to take the 3rd rank. As of the current moment, XRP is fluctuating between the 3rd and 4th positions on CoinMarketcap.
The price of XRP has been on the rise in recent weeks, climbing up from its 7th place ranking just three weeks ago when it was surpassed by Dogecoin. Now, XRP has surpassed both BNB and Solana, with its value exceeding $2 per XRP for the first time in 7 years.
Several factors have contributed to the price increase of XRP, one being Gary Gensler’s announcement of stepping down as the chairman of the SEC (Securities and Exchange Commission) at the beginning of next year. This has led the market to anticipate a relaxation in cryptocurrency regulation, especially for XRP, which is currently involved in a legal case with the SEC. Furthermore, multiple funds are beginning to propose the establishment of ETFs referencing XRP, similar to Bitcoin and Ethereum.
Source: CoinTelegraph
TLDR: XRP, the cryptocurrency from Ripple, has seen a price surge, swapping positions with Tether to become the 3rd largest cryptocurrency. Factors such as Gary Gensler’s upcoming departure from the SEC and the potential introduction of XRP ETFs have contributed to its recent success.
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