XRP has overtaken Tether in market valuation to become the third largest virtual currency in the landscape of digital assets. XRP, which is owned by Ripple Lab, currently has a valuation of $141.8 billion, overtaking that of USDT’s 134.5 billion.
XRP price is currently standing at $2.45, up 31.4% over yesterday, and rose 365.1% in the past 30 days.
As per data provided by BullStreet Group, XRP has surpassed USDT in market capitalization, repossessing its position as the third biggest digital asset. The development marks the return to its status before the SEC’s lawsuit against Ripple in 2018.
Why XRP overtakes USDT
Over the weekend, Ripple made headlines by surpassing SOL’s valuation, placing XRP as the fourth biggest virtual currency. Besides that, the current Ripple’s bull run appears to be fueled by the recent news that New York regulators are close to authorizing the launch of its stablecoin. Ripple expects a potential rollout of its stablecoin to happen on December 4.
The XRP’s price surge could also be bolstered by Gary Gensler’s recent statement that he will leave office in January. Gensler oversaw a difficult time for the SEC (Securities and Exchange Commission) engaging in legal battles with digital asset companies and Wall Street.
Market players also expect a potential launch of spot XRP exchange traded funds. So far, Canary Capital, 21Shares, and Bitwise are some of the asset managers that have filed for XRP ETFs.
Impact of political shifts on crypto markets
The current XRP price surge seems to be bolstered by changing political whirlwinds. The rise amid changing political developments reflects the effect of legislative shifts on virtual currency trading and future market trends.
The recent political developments have created new life in the cryptocurrency market. The reelection of Donald Trump coincided with a prominent uptrend in cryptocurrencies, with BTC reaching new peaks, currently trading at $99,540.
Trump pledged to rebuild regulations, including hiring a new SEC chairman to replace Gary Gensler once his administration resumes office in January.
Gensler’s departure might facilitate a way for the SEC and Ripple to engage in mutual understanding and settle the case. Based on the ongoing legal battle between the SEC and Ripple, the Trump election could ease legislative scrutiny on XRP, enabling it to recover its market momentum.
