On Dec. 1, XRP price reached $2 for the first time in almost 6 years.
XRP's market dynamics highlight its strong position in the cryptocurrency space, with a market cap of $113.17 billion, reflecting a 4.24% growth.
Over the past 24 hours, trading volume reached $11.18 billion, a notable increase of 32.93%, demonstrating increased liquidity and investor activity. XRP's fully diluted valuation (FDV) stands at $198.37 billion, emphasizing its long-term potential.
The volume-to-market cap ratio of 9.65% underlines the high level of trading activity relative to its market cap. With a total supply of 99.99 billion XRP and a capped maximum supply of 100 billion XRP, its near-full issuance indicates a stable supply structure supporting its robust market performance.
Ripple's stablecoin to get greenlight?
During this weekend, the XRP price has reacted to speculations to RLUSD adoption.
The New York Department of Financial Services (NYDFS) is reportedly close to approving a new stablecoin issued by Ripple, known as RLUSD, according to FOX Business.
Ripple's XRP surged 20% during the Thanksgiving weekend, building on a 200% rise since October and solidifying its position as the fifth-largest cryptocurrency by market capitalization at $108 billion.
Ripple is preparing for a possible launch on December 4, pending approval. If granted, Ripple will be authorized to offer RLUSD to the public, marking a significant step into New York's regulated digital finance market and strengthening its position within the stablecoin ecosystem.
Ripple's business revolves around RippleNet, its blockchain-based global payments network, which offers faster and more cost-effective cross-border payment solutions compared to SWIFT. XRP facilitates these transactions but remains entangled in a legal battle with the SEC, which alleges XRP is an unregistered security.
With the case now in the appeals process, some speculate it could be dropped in 2025, potentially creating a clearer path forward for XRP.
Ripple vs. SEC case
In a recent Fox Business interview, former CFTC Chairman Chris Giancarlo predicted that the SEC might drop its case against Ripple.
When asked by reporter Charles Gasparino about the possibility, Giancarlo stated, "I would bet they would." This follows the SEC's notice of appeal in the ongoing case, alongside Ripple's cross-appeal.
Optimism is growing in the crypto sector as current SEC Chair Gary Gensler prepares to step down in January. Many anticipate his successor will adopt a more favorable stance toward digital assets.
Prediction market Kalshi places former SEC Commissioner Paul Atkins as the frontrunner to lead the agency, with a 60% likelihood of appointment. Former Binance US CEO Brian Brooks is a distant second, with a 20% chance.
If realized, this leadership change could signal a shift in regulatory approach, potentially benefiting the crypto industry.
