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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Dec 02, 2024 06:19 UTC
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Why Is XRP Up Today?
NYDFS approval for RLUSD could position Ripple as a major stablecoin competitor.
Court ruling that XRP is not a security fuels confidence in Ripple's future.
XRP surges 32%, now becoming the third-largest crypto by market cap, trailing behind Bitcoin & Ethereum
Ripple’s XRP has taken the spotlight once again, with its price surging by 32% today. This impressive rally pushed XRP past USDT, making it the third-largest cryptocurrency by market cap. However, currently trading around $2.42, XRP has seen a remarkable 70% weekly rise and a massive 377% increase over the past month. But here’s what is driving the XRP price Up.
Ripple’s RLUSD Stablecoin Awaits NYDFS Approval
One of the biggest contributors to XRP’s surge is the news surrounding Ripple’s RLUSD Stablecoin. Reports suggest that the New York Department of Financial Services (NYDFS) might soon approve RLUSD, with Ripple planning a December 4 launch.
If approved, this would allow Ripple to enter New York’s strict digital finance market, enhancing its position in the stablecoin ecosystem.
Ripple aims to position RLUSD as a competitor to major stablecoins like Tether (USDT) and Circle’s USDC. Acting as a liquidity bridge within Ripple’s network, RLUSD would work alongside XRP to strengthen Ripple’s global payment offerings.
Growing Optimism for an XRP ETF
Another factor boosting XRP’s price is growing anticipation for an XRP exchange-traded fund (ETF) in the United States. With hopes for a more crypto-friendly environment under a potential Trump administration, major players like Bitwise Invest, 21Shares, and Canary Funds have already joined the race by filing for XRP-spot ETFs.
WisdomTree recently submitted its application, further fueling excitement in the market.
Ripple Wins & Gary Gensler Exit
Ripple’s recent legal win against the SEC has also reignited investor confidence. The court’s decision that XRP is not a security in most cases has set a precedent for the entire crypto industry.
Adding to this is the announcement of SEC Chair Gary Gensler’s resignation, set for January 2025. His exit might impact Ripple’s ongoing legal challenges, potentially inclining the ruling in Ripple’s favor.
XRP Price Forecast
XRP is showing strong growth as the cryptocurrency market recovers. Its performance often moves with the overall market trend. If Ripple keeps building partnerships and wins more legal battles, XRP’s price could rise even higher. It might reach $3.00 to $5.00 in the coming months if more investors get interested.
However, there’s also a chance of price drops. Bad news, like new SEC claims or a market downturn, could bring XRP’s price back to $1.50 to $2.00.
FAQs
Ripple’s court win against the SEC clarified that XRP is not a security, boosting investor confidence and driving its recent price rally.
XRP is gaining attention for a potential ETF due to its legal victories and the growing interest in crypto assets, boosting market optimism.
Yes 
No 
