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Ripple XRP Surpasses Tether (USDT), Eyes $8 Following RLUSD Stablecoin Launch
The cryptocurrency market has witnessed a significant surge in the value of Ripple’s native token, XRP. In a shocking turn of events, XRP has surpassed Tether (USDT) to reclaim its position as the third-largest cryptocurrency by market capitalization.
XRP’s current market cap stands at $147 billion, surpassing USDT’s market cap of $140.5 billion. This dramatic shift in the market landscape is attributed to the recent launch of Ripple’s new stablecoin, RLUSD.
RLUSD, pegged 1:1 to the U.S. dollar, has already made significant waves in the cryptocurrency world, driving a 15% surge in XRP’s value within a mere 24 hours. The implications of this are far-reaching and paint a promising picture for XRP investors.
The launch of RLUSD marks a crucial turning point for Ripple, as it seeks to revamp its image and increase its credibility in the market. The introduction of this stablecoin highlights the company’s commitment to innovation and improvement, which is likely to resonate positively with both existing and prospective investors.
Moreover, the upcoming change in leadership at the Securities and Exchange Commission (SEC) may bring a fresh perspective on Ripple’s ongoing legal battle. Gary Gensler has announced his resignation as SEC chairman effective January 20, 2025. The prospect of new leadership could potentially lead to a more favorable outcome for Ripple, allowing the company to settle its lawsuit or even see the case dropped.
The sudden surge in whale activity also adds fuel to this fire. Notably, over 830 million XRP were purchased within the last day alone, indicating an unprecedented level of confidence among investors. This remarkable upswing has led many analysts to revise their predictions upwards, with some now targeting a potential rise to $5.85 or even $8.76.
While it’s essential to approach these projections with a healthy dose of skepticism, there is no denying the current momentum and the promise that RLUSD presents for Ripple. As the market continues to evolve, one thing is clear: XRP is not going anywhere anytime soon.
The cryptocurrency landscape has witnessed significant developments in recent times, making this news all the more crucial for investors.
Source: coinpedia.org
