What is XRP? The Cryptocurrency That Soared to $131 Billion Within a Week

Outlook Business Desk

XRP’s Market Cap Surge

XRP has risen to become the fourth-largest cryptocurrency by market capitalization with its price reflecting a 21 per cent increase over the past 24 hours and nearly a 50 per cent jump within a week. Since Donald Trump's election victory in November, XRP's market cap has skyrocketed from USD 30 billion to USD 131 billion

Overtaking Other Cryptocurrencies

Over the weekend, XRP’s market cap surpassed USD 100 billion for the first time since 2018 allowing it to overtake Solana (SOL) and claim the position of the fourth-largest cryptocurrency. XRP also briefly surpassed Tether (USDT) in market value before settling slightly lower

Bitcoin and Ethereum’s Dominance

Bitcoin continues to hold its position as the world's largest cryptocurrency, with a market cap of approximately USD 1.89 trillion followed by Ethereum (ETH) in second place, boasting a market cap of USD 436 billion

Fuel for XRP's Surge

XRP's price has been steadily rising since Donald Trump's electoral win. The surge over the weekend was fueled by reports suggesting that the New York Department of Financial Services could approve Ripple's RLUSD stablecoin by December 4

Ripple’s Legal Battle with the SEC

Ripple Labs, the company behind XRP, was sued by the SEC in 2020 for selling XRP without registering it as a security. However, in July 2023, a federal judge ruled in Ripple’s favor, determining that the company did not violate securities laws by selling XRP on public exchanges

Speculation on the Ripple Case

Former CFTC Chairman Chris Giancarlo, who is considered a potential "Crypto Czar" in the Trump administration, has expressed his belief that the SEC should drop its case against Ripple. This statement has contributed to increased optimism in the cryptocurrency market, especially for XRP

X@#giancarloMKTS

Trump’s Pro-Crypto Stance

The post-election surge in cryptocurrency prices is driven by expectations of a more crypto-friendly regulatory environment under Trump and a GOP-controlled Congress. Trump's campaign had a pro-crypto stance, with promises to make the U.S. the "crypto capital of the planet," marking a shift from his earlier critical views on Bitcoin