Ripple continues its historic rise: It has surpassed the stablecoin giant.

The cryptocurrency XRP, developed by Ripple Labs, has surpassed USDT in market capitalization, rising to third place in the world rankings. With a 30% increase in value over the last 24 hours, XRP is attracting the attention of investors and market watchers. The ongoing legal processes with the SEC and the anticipated approval of Ripple's stablecoin project RLUSD are playing a key role in XRP's rise.

Ripple Continues Its Rise

Ripple has significantly increased its market value, surpassing USDT and securing its position as the world's third-largest cryptocurrency. The market value of XRP, associated with Ripple Labs, has reached $141.8 billion, while Tether's USDT remains at $134.5 billion.

According to market data, XRP recorded a remarkable 30% increase in the last day, reaching a level of $2.46. The cryptocurrency's performance over the past month indicates an impressive rise of 364.1%.

This upward trend gained momentum after XRP surpassed Solana. Among other leading cryptocurrencies, Bitcoin showed a 1.28% increase at a level of $97,862, while Ethereum rose to $3,721, marking a 0.68% increase. Solana, on the other hand, lost 0.96% of its value, dropping to $235.84.

Presto Research analyst Peter Chung notes that the rise in XRP is driven by expectations that the New York Department of Financial Services (NYDFS) will soon approve Ripple's stablecoin RLUSD. According to sources familiar with the matter, it is expected that Ripple will launch RLUSD on December 4 following the NYDFS's approval.

Another significant development in the market is the announcement that SEC Chairman Gary Gensler will step down in January. The lawsuit that the SEC has been pursuing against Ripple since 2020, accusing the company of a $1.3 billion unregistered securities sale, is ongoing.

In his assessment, Chung emphasized that Gensler's departure could be favorable for Ripple and that the likelihood of the new SEC administration resolving existing cases may increase. He stated that if the XRP community uses RLUSD to strengthen the XRP Ledger ecosystem, the current upward trend could continue.

Meanwhile, asset management companies such as 21Shares, Canary Capital, and Bitwise have completed their applications for XRP-based exchange-traded funds. Market participants are closely monitoring the potential impacts of these developments on the future of XRP.