Ripple’s legal victory and optimistic regulations fuel XRP’s rise past Solana.
XRP Surpasses Solana in Market Capitalization
XRP has surged past solana (SOL) to reclaim its position as the fourth-largest cryptocurrency. As of now, XRP boasts a market capitalization exceeding $122 billion, outpacing Solana’s $113 billion. This development marks a significant rebound for XRP, fueled by favorable regulatory shifts and investor confidence.
Ripple’s Legal Clarity Sparks a Revival
Ripple’s partial legal victory in July 2023 brought long-awaited clarity to XRP’s status. A U.S. court ruled that XRP is not always a security, sparking a rally that pushed the token’s value higher. This judgment helped XRP regain investor trust after years of uncertainty stemming from the SEC’s 2020 lawsuit.
Trump’s Win Boosts Market Sentiment
Donald Trump’s re-election has amplified optimism for XRP and the broader cryptocurrency market. Investors anticipate a more crypto-friendly environment under the new administration. Adding to the positive outlook is SEC Chair Gary Gensler’s upcoming resignation, which may lead to less restrictive regulations.
Ripple CEO Applauds Pro-Crypto Treasury Nominee
Ripple CEO Brad Garlinghouse has lauded Trump’s choice of Scott Bessent as Treasury Secretary. Describing Bessent as the “most pro-crypto” nominee, Garlinghouse highlights his potential to drive innovation in the digital asset space. This endorsement aligns with rising expectations that the SEC might drop its case against Ripple altogether.
Crypto Community Reacts
The crypto community celebrated XRP breaching $2, congratulating those who stacked below $1. User @CDemanincor took to X his complaints regarding new influencers emerging to affirm their support of XRP, even when they were not there when XRP was sub $0.50:
Future Prospects for XRP
XRP’s resurgence is emblematic of broader market hopes for a less restrictive regulatory landscape. The crypto’s gains come as Solana experiences a minor dip, trading at $236.21. As Ripple navigates this favorable climate, its renewed strength may continue to shape the future of the cryptocurrency sector.
Disclaimer:
The information provided on 13Desk is for informational purposes only and should not be considered financial advice. We strongly recommend conducting your own research and consulting with a qualified financial advisor before making any investment decisions. Investing in cryptocurrencies carries risks, and you should only invest what you can afford to lose. 13Desk is not responsible for any financial losses incurred from your investment activities.
