XRP Overtakes Solana in Market Cap
Ripple’s XRP token has been making waves in the cryptocurrency market, surpassing Solana in market capitalization during this market cycle. As of December 2, 2024, XRP has secured the fourth position in terms of market cap, with a valuation of approximately A$208.37 billion, overtaking Solana’s A$190.98 billion.
This achievement is a result of XRP’s impressive rally over the past few weeks. The token’s value surged from a week-low of A$2.16 to a seven-year high of A$3.82 on December 1, gaining attention from investors and market analysts.
XRP has seen remarkable growth recently, with a 25.8% increase in value within 24 hours, currently priced at A$3.71. Over the past week, XRP has shown a 70.1% growth, marking one of the most significant recoveries in its history.
The surge in XRP’s price can be attributed to several factors, including the anticipation of an XRP exchange-traded fund (ETF), the launch of a tokenized money market fund on the XRP Ledger, and the potential approval of Ripple’s stablecoin RLUSD by New York financial authorities.
With a market cap of A$208.37 billion and a fully diluted valuation of A$365.18 billion, XRP’s market metrics demonstrate its strong performance during this rally. Ripple’s focus on providing tangible use cases for XRP, such as cross-border payments and stablecoins, has contributed to its success and solidified its position in the cryptocurrency space.
While XRP’s recent gains highlight its broader adoption in institutional finance and payments, the future looks bright for the token with potential ETF approvals and continued product development by Ripple Labs. As XRP challenges higher positions in the market rankings, its ability to innovate and adapt will be key in maintaining its competitive edge in the digital asset landscape.
