Ripple’s financial services-focused cryptocurrency XRP regained its place as the third crypto with the highest market cap.
Market data shows that XRP’s market cap stands at $146.2 billion at the time of writing, having increased by over 34% over the last 24 hours to $2.63. XRP’s price is also nearly 85% higher than it was seven days ago.
Those recent gains resulted in Ripple’s cryptocurrency overtaking Tether’s USDT stablecoin. The market cap of the world’s top stablecoin currently stands at $134.2 billion.
Market dynamics
The sudden jump up in price follows major asset manager WisdomTree submitting its S-1 filing with the United States Securities and Exchange Commission (SEC). With this filing, the institution is requesting a regulatory approval for the creation of an XRP exchange-traded fund (ETF).
The XRP price increase also follows a major updraft in the cryptocurrency market at large. Bitcoin and other digital assets have been rallying almost nonstop ever since Republican candidate Donald Trump was elected president of the United States.
As recently reported, United States President-elect Donald Trump holds over $9 million worth of cryptocurrency and tokens, it has been claimed. This is far from his only involvement with cryptocurrencies. Last month, Trump announced the sale of World Liberty Financial (WLF), which serves as a utility token for his family’s decentralized finance (DeFi) platform.
Many now expect the United States to change from a nation hostile to crypto to a stronghold for the industry. Trump promised to lead the U.S. in the adoption of crypto-friendly regulation and to place pro-cryptocurrency officials in the SEC.
The regulator is also expected to see the President appoint a crypto-friendly official to take Gary Gensler’s chairmanship. Gensler led the SEC on what many described as a crusade against the crypto industry.
This perception is so strong that it led Republican state attorney generals and a crypto advocacy group to file a lawsuit against the SEC and its commissioners. The lawsuit claims that the SEC overstepped its bounds in its enforcement actions against the cryptocurrency industry, and that the regulator violated the Administrative Procedures Act.
