"XRP Surpasses Solana to Become 4th Largest Cryptocurrency by Market Cap

The recent ascension of XRP to the position of the fourth-largest cryptocurrency by market capitalization marks a significant shift within the digital asset landscape. As of December 2, 2024, XRP's market cap reached approximately A$208.37 billion, surpassing Solana’s A$190.98 billion . This development is notable not only for its numerical value but also as a reflection of changing investor sentiment following prolonged legal uncertainties involving Ripple and the U.S. Securities and Exchange Commission .

Before the U.S. Securities and Exchange Commission (SEC) sued Ripple Labs in December 2020, alleging XRP was an unregistered security, XRP was the third-largest cryptocurrency by market capitalization, behind bitcoin and ethereum. The lawsuit led to significant investor hesitation, delistings on major exchanges, and a sharp decline in XRP’s valuation. Major crypto trading platforms such as Coinbase halted XRP trading, pushing it to seventh place in market capitalization for an extended period.The approval would mark a significant shift in the US crypto environment. In April 2024, the SEC targeted Ripple’s RLUSD in its remedies-related reply brief, stating the stablecoin would be an issuance of a new unregistered crypto asset, violating US securities laws. The SEC’s view on RLUSD as an unregistered security could resurface, potentially influencing broader regulatory discourse.

Ripple's XRP surged 20% during the Thanksgiving weekend, building on a 200% rise since October and solidifying its position as the fifth-largest cryptocurrency by market capitalization at $108 billion.

Ripple is preparing for a possible launch on December 4, pending approval. If granted, Ripple will be authorized to offer RLUSD to the public, marking a significant step into New York's regulated digital finance market and strengthening its position within the stablecoin ecosystem.

As the SEC’s lawsuit appears more embattled than ever, McGlaughlin—who has posted pro-XRP videos in relation to Gensler in recent days—sees renewed optimism among fellow supporters.

The surge in XRP's price can be attributed to several key factors, including pending applications for exchange-traded funds (ETFs) and regulatory advancements concerning Ripple's RLUSD stablecoin . The announcement regarding SEC Chair Gary Gensler's departure has particularly invigorated market confidence, signaling potential shifts in regulatory scrutiny that could favor Ripple and its operations . Moreover, this rally represents a broader trend wherein cryptocurrencies are increasingly viewed as viable investment assets amidst evolving regulatory frameworks.

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Sarah H

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