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XRP surged to $2 for the first time in six years, driven by excitement around Ripple’s RLUSD stablecoin and shifting regulatory sentiment. The cryptocurrency posted a 20% weekend gain, solidifying its bullish momentum with trading volume spiking 33% to $11.18 billion.
XRP Surges to $2: A Historic 6-Year High
For the first time in six years, the price of XRP crossed $2 on December 1st.
The market dynamics of XRP demonstrate its dominant position in the cryptocurrency world. Its market cap reached $113.17 billion, showing a growth of 4.24%.
With a 32.93% increase to $11.18 billion in trading volume over the last 24 hours, liquidity and investor activity have been on the rise. The $198.37 billion fully diluted valuation (FDV) of XRP highlights its promising future.
Ripple's RLUSD Stablecoin Sparks Market Optimism
Significant trading activity is seen from the 9.65% volume-to-market cap ratio. The nearly full issuance of XRP, with a total supply of 99.99 billion XRP and a maximum cap of 100 billion XRP, suggests a stable supply structure that helps maintain its solid market performance.
Speculations about the introduction of RLUSD over the weekend caused the XRP price to react.
As to FOX Business, the New York Department of Financial Services (NYDFS) is supposedly nearing the approval of Ripple's new stablecoin, RLUSD.
Over the Thanksgiving weekend, Ripple's XRP rose 20%, adding to its 200% gain since October and firmly establishing itself as the fifth-largest cryptocurrency by market valuation, with $108 billion.
SEC Lawsuit Speculation and Leadership Changes
Assuming all goes according to plan, Ripple might launch on December 4. If approved, Ripple will be able to enter the regulated digital finance sector in New York and solidify its position within the stablecoin ecosystem by offering RLUSD to the public.
Some have speculated that the case could be abandoned in 2025, giving XRP a cleaner path forward, because it is already in the appeals process.
If the SEC decides not to press charges against Ripple, as former CFTC Chairman Chris Giancarlo said in a recent interview with Fox Business (via U.Today), the lawsuit could be dropped.
Reporter Charles Gasparino asked Giancarlo about the prospect, and Giancarlo said, "I would bet they would." This comes after Ripple filed a cross-appeal and the SEC filed a notice of appeal in the continuing case.
Leadership Transition Fuels Crypto Sector Optimism
As current SEC Chair Gary Gensler gets ready to step down in January, the crypto sector is getting more optimistic. Many believe that his successor will take a more positive view on digital assets.
Forecasting marketplace According to Kalshi, the former SEC Commissioner Paul Atkins is the most likely candidate to head the agency, with a 60% chance of being appointed. Another distant second, with a 20% possibility, is Brian Brooks, the former Binance US CEO.
The cryptocurrency market stands to gain from a change in regulatory strategy, which might be heralded by this leadership transition if it materializes.
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