XRP Hits $2.4, Overtakes SOL and USDT to Become the Third-largest Crypto by Market Cap

TL;DR

• Ripple’s XRP is up 25% in the last 24 hours and now trades around $2.4 per coin.

• The rally allowed it to overtake Solana’s SOL and Tether’s USDT to become the third-largest cryptocurrency by market cap.

XRP’s Market Cap Surpasses SOL and USDT

XRP, Ripple’s native coin, is the best performer amongst the top 10 cryptocurrencies over the weekend. The coin added 25% to its value in the last 24 hours, surpassing other major cryptocurrencies.

Thanks to this rally, XRP hit the $2.4 mark, its highest level since 2018. The rally also saw XRP’s market cap hit $133 billion, surpassing Solana’s SOL and Tether’s USDT to become the third-largest cryptocurrency by market cap.

The rally can be attributed to Fox Business’s report on Saturday that the New York Department of Financial Services had indicated to Ripple that it would approve the company’s RLUSD stablecoin.

The company will be allowed to legally offer the RLUSD token to the public if approved, with a possible launch date of Dec. 4

According to CoinMarketCap, XRP has increased 380% in the last 30 days. Several fundamental and regulatory developments have pushed XRP’s price higher in recent weeks, and analysts expect it to break its all-time high of $3.84 in the medium term.

Bitcoin, the leading cryptocurrency by market cap, added 1.5% to its value over the last 24 hours and is now trading just below $98k per coin. Thanks to the market rally over the weekend, the total cryptocurrency market cap is now approaching the $3.5 trillion mark.