XRP has recently surpassed Tether (USDT) to reclaim its spot as the third-largest crypto by market cap, following Bitcoin and Ethereum. Meanwhile, this sudden rise follows the global launch of Ripple’s new stablecoin, RLUSD. As a result, XRP’s market cap now stands at $147 billion, surpassing USDT’s market cap of $140.5 billion.
RLUSD Launch Skyrocket XRP Price
On December 17, 2024, Ripple’s stablecoin, RLUSD, went live, sparking excitement in the crypto community and driving a 15% surge in XRP’s price. RLUSD is pegged 1:1 to the U.S. dollar and is designed to improve liquidity and trust in institutional payments.
Ripple CEO Brad Garlinghouse confirmed that RLUSD will be available on platforms like Uphold, MoonPay, and Bitso. The stablecoin will also be launched on both the XRP Ledger and Ethereum blockchain, ensuring broad accessibility.
However, some analysts predict that RLUSD’s market cap could surpass $1 billion early on, further strengthening its position within Ripple’s ecosystem.
XRP ETF Incoming Soon!
Alongside the RLUSD project, Ripple is also working on launching exchange-traded funds (ETFs) for XRP, aiming to attract traditional investors. Although XRP ETFs have not been approved yet, several asset managers have already filed for approval.
Ray OF Hope In Ripple Vs SEC Case
Another reason for the growing optimism is the upcoming change in leadership at the SEC. Gary Gensler has already announced he will resign on January 20, 2025.
However, many believe that with new leadership, Ripple could see a more positive outcome in SEC lawsuits, potentially leading to a settlement or the case being dropped.
XRP Eye Big Target: $5 to $8
Following the launch of Ripple’s RLUSD stablecoin, XRP saw a 15% surge in just 24 hours, reaching $2.70, and a 22% increase over the week. Whale activity has also grown, with over 830 million XRP purchased in the last day, showing strong confidence in the market.
Analysts believe it’s important for XRP to stay above $2.52, with the potential to reach $5.85 or even $8.76. However, experts like Natalie Dormer and Impulsive Dom expect a short period of stability, followed by a potential rise to $4 or $5.
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