XRP has climbed past Tether (USDT) to reclaim its spot as the third-largest cryptocurrency by market capitalization, behind only Bitcoin and Ethereum. This sharp rise follows Ripple’s global launch of its new stablecoin, RLUSD, which has ignited excitement in the crypto community. XRP now holds a market cap of $147 billion, overtaking USDT’s $140.5 billion.
On December 17, 2024, Ripple’s much-anticipated stablecoin, RLUSD, was launched. Pegged 1:1 to the U.S. dollar, RLUSD is designed to improve liquidity and trust in institutional payments. The launch has led to a 15% jump in XRP’s price, reflecting growing market momentum.
Ripple CEO Brad Garlinghouse announced that RLUSD will be available on platforms such as Uphold, MoonPay, and Bitso. The stablecoin will also operate on both the XRP Ledger and Ethereum blockchain, ensuring wide accessibility for users.
Analysts expect RLUSD’s market cap to surpass $1 billion soon after its launch. This projection underscores its potential to become a core component of Ripple’s ecosystem.
RLUSD’s compatibility with two major blockchains and its role in facilitating cross-border payments make it a key strategic asset for Ripple.
Ripple is also pushing for exchange-traded funds (ETFs) based on XRP to appeal to traditional investors. While XRP ETFs have yet to receive regulatory approval, several asset managers have already submitted applications, signaling strong interest in bringing this product to market.
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.
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.
XRP is going up due to Ripple’s launch of the RLUSD stablecoin, driving a 15% price increase and boosting market confidence.
The upcoming change in SEC leadership raises hopes that Ripple’s ongoing legal battles may be resolved favorably under new leadership.
RLUSD is Ripple’s new stablecoin pegged to the U.S. dollar, designed to improve liquidity and drive XRP’s price growth.
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