XRP has recently reclaimed its position as the third-largest cryptocurrency by market capitalization, surpassing Tether (USDT) with a market cap now standing at $147 billion. This surge comes on the heels of Ripple’s global launch of RLUSD, its new stablecoin, on December 17, 2024. XRP’s market cap has overtaken USDT, which is currently at $140.5 billion, marking a significant milestone in Ripple’s journey.
RLUSD Launch Drives XRP Price Surge
The RLUSD launch has played a pivotal role in XRP’s price surge, driving a 15% increase in just 24 hours. The stablecoin is pegged 1:1 to the U.S. dollar, designed to enhance liquidity and trust in institutional payments, providing a reliable alternative to traditional financial systems. Ripple CEO Brad Garlinghouse confirmed RLUSD would be available on major platforms like Uphold, MoonPay, and Bitso, ensuring broad adoption. It will also be launched on both the XRP Ledger and Ethereum blockchain, expanding its reach even further.
An enterprise-grade stablecoin for everyone.
— Brad Garlinghouse (@bgarlinghouse) December 16, 2024
Ripple USD ($RLUSD) drops tomorrow on @UpholdInc, @MoonPay, @CoinMENA, @ArchaxEx and @Bitso, with @bullish, @mercadobitcoin, @ZeroHashX, @indepreserve, and @Bitstamp soon to follow. https://t.co/k3DrWO4PXA
Analysts are bullish about RLUSD’s potential, predicting its market cap could exceed $1 billion early on, cementing Ripple’s dominant role in the evolving crypto space. This excitement surrounding RLUSD has been a key catalyst in XRP’s recent price rally.
XRP ETF and SEC Legal Developments
In addition to the RLUSD launch, Ripple is also working on launching exchange-traded funds (ETFs) for XRP. Though XRP ETFs have not yet been approved, several asset managers have already filed for approval, signaling growing interest from traditional investors. The introduction of XRP ETFs could further bolster Ripple’s market presence and appeal to institutional investors.
The ongoing Ripple vs. SEC case has also fueled optimism. With Gary Gensler’s resignation from the SEC scheduled for January 20, 2025, many believe Ripple could see a more favorable outcome under new leadership, potentially leading to a settlement or even the dismissal of the case.
Also Read: Ripple (XRP) Soars as Legal Battle Shifts with SEC Changes and Upcoming January 15 Deadline
XRP’s Target: $5 to $8
Following the RLUSD launch, XRP saw a sharp price surge, reaching $2.70, marking a 15% increase in just one day and a 22% rise over the week. Whale activity has also been robust, with over 830 million XRP purchased in the past 24 hours. Analysts predict XRP could continue to rise, with price targets ranging from $5 to $8, depending on market conditions. Experts like Natalie Dormer and Impulsive Dom expect a brief period of consolidation before XRP could potentially hit $4 or $5. The growing confidence in XRP suggests that the cryptocurrency could continue its upward momentum in the coming months.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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