Cryptocurrency focused on payments XRP (CRYPTO: Donald Trump.
What happened : In the last 24 hours, XRP surged more than 8% to reach a market cap of $174 billion, surpassing the stablecoin Tether (CRYPTO: USDT) to become the third most valuable cryptocurrency.
To put things into perspective, XRP’s market capitalization currently exceeds that of the Wall Street-listed software giant, Palantir Technologies Inc. (NASDAQ:PLTR).
The currency’s trading volume increased 121% in the past 24 hours to $23.20 billion, becoming the fourth most traded cryptocurrency after Tether and heavyweights, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO : ETH).
Also read: If you had invested $1,000 in the XRP token 10 years ago, this is what you would have today
The meteoric rise of XRP has made it trendy on the Internet. According to Google Trends, search interest for the currency reached 100, indicating a spike in popularity.
Speculative interest increased, with XRP futures peaking nearly 15% to $7.32 billion, according to Coinglass. Open interest has almost tripled since the start of 2025.
Why it’s important: The enthusiasm was triggered by several bullish elements.
The SEC’s expected pivot from a “hostile” stance to a more dovish stance under Trump’s presidency, the potential approval of exchange-traded funds, and the launch of the RLUSD stablecoin by Ripple Labs.
Ripple Labs has been mired in a nearly four-year legal battle with the SEC over the status of XRP, and any change at the top of the SEC has been viewed through an optimistic lens.
Meanwhile, the SEC formally filed an appeal on Wednesday to overturn a 2023 ruling that Ripple’s scheduled sales of XRP to its retail customers through exchanges did not violate any securities laws, as claimed by the SEC. regulator.
Price movement : At the time of writing, XRP was trading at $3.02, up 8.64% in the last 24 hours, according to data from Benzinga Pro. Since the start of the year, the currency has gained 46.19%, compared to nearly 237% gains in 2024.
Image via Shutterstock
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