XRP, a cryptocurrency launched by Ripple Labs Inc, has grown significantly in the past 7 days. These surges have brought the market cap to the third biggest after Bitcoin and Ethereum.
According to CoinMarketCap data on Nov. 02, XRP price has surged 27.72% from $1.8 to $2.3 at the time of writing. The price even meteorically increases by 365% from $0.51 in the past month, making them the top gainers along with Peanut (PNUT), Stellar (XLM), and Hedera (HBAR).
The price movement also made XRP’s market capitalization as the third largest in the world after surging 26% to $136 billion, surpassing Tether (USDT) and Solana (SOL) with $134 billion and $108 billion, respectively.
The tokens were also actively traded for about $26.41 billion, or an increase of 75% in a day. Earlier last week, XRP had already flipped Binance’s BNB after they reached $97 billion in market cap, while BNB was still on their $95 billion.
Ripple’s business expansion and market optimism pushed the price movement and headed to the all-time high record of $3.8 that was reached 7 years ago.
XRP’s move on financial market
WisdomTree, one of the U.S. Bitcoin ETF issuers, was proposed to the state of Delaware for XRP ETF on Nov. 25. Yet, it’s not officially purposed to the Securities and Exchange Commission (SEC); the market was already enthusiastic with the fillings which proposed to the division of corporations of the state.
21Shares also proposed the crypto-related product named 21Shares Core XRP Trust to the commission on Nov. 01. Bitwise also submitted a similar application for the product in early October.
Although the dispute between Ripple and SEC has not shown any better, the market is still optimistic about the next Trump administration, which supports crypto-friendly regulations. The new chairman of the SEC would also be picked after current executive Gary Gensler is about to withdraw before Trump’s inauguration.
