Ripple Labs’ XRP has been the subject of much news since the year began. The company and its native cryptocurrency have been the subject of a long lock horn with Gary Gensler’s SEC over a dramatic lawsuit that people were beginning to think would never have an end. However, this new week started with more positive news for XRP and Ripple, albeit at the cost of a major crypto player. 

The first day of December came with great news for the team at Ripple. For the first time in this current market cycle, Ripple’s XRP has dethroned Solana’s (SOL) market cap to secure a place for itself as the fourth-largest cryptocurrency by market capitalization.

At the time of this writing, XRP is the fourth-largest coin by market cap, with $133.1B, beating Solana, which is fifth with $107.82B.

hodl-post-image
7-Day Chart. Source: CoinMarketCap

While XRP overtaking SOL may be the big headline, the Ripple native coin has been surging recently. The XRP surge started on November 10th and eventually reached a peak price of $2.19 on December 1st, a seven-year high for Ripple’s coin. 

But while not many people saw XRP’s rise coming, analysts have pointed out that it's not exactly out of the blue. Some factors have been identified as being part of the triggers for the uptick in XRP’s performance, including certain partnerships, new product developments from the coin’s parent company, the long-time discussed possibility of an incoming  XRP ETF, and some rumors of Elon Musk investing in XRP and Ripple.

In similar news, the possibility of an XRP ETF might be around the corner. Asset management company 21Shares has already submitted a filing with the Securities and Exchange Commission (SEC) as far back as November 1st. This is in light of the expectations of a pro-crypto government with the incoming Trump administration. With the announcement of Gary Gensler stepping down as Chair of the SEC, the market is even more hopeful of ETF XRP being a reality. 

In a similar fashion, Arca, the New York Stock Exchange, has also petitioned the SEC to approve the Bitwise crypto index exchange-traded product on November 15. According to the stock exchange firm, the Bitwise crypto index will feature ten different digital assets, including BTC, ETH, ADA, AVAX, and XRP. 

Similarly, WisdomTree, the asset management company, has filed for its own XRP ETF in Delaware. 

While nothing is yet written in stone, it does seem that things are coming along for XRP after such a long time being hunted by regulators. The possibility of an XRP ETF is still in doubt, but it is still very much in the conversation, which means hope is still alive.

XRP Surges Amid Controversy Over Alleged Ripple-Trump Meeting | HODL FM
XRP breaks $1 for the first time since 2021 amid Trump-Ripple…
hodl-post-imageHODL FM: The Wildest Ride in the Crypto MarketEmmanuel Ekokotu
hodl-post-image

Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.