Charted: XRP's run
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XRP's post-election surge has made it the third-largest cryptocurrency by market cap, surpassing the stablecoin tether.
Between the lines: The native token for Ripple Labs' payments product, XRP is benefitting from bets on friendlier regulation and a few big news developments.
Catch up quick: Ripple has been wrapped up in a lawsuit with the SEC over XRP since December 2020. But Trump's win, and anticipation of a crypto-friendly SEC, has been a boon.
- There's also growing expectations for an XRP exchange-traded fund, with WisdomTree yesterday becoming the fourth potential issuer to file an ETF application with the SEC.
- And on Friday, Fox Business reported that New York's financial regulator is close to approving a new Ripple-issued stablecoin.
By the numbers: XRP has surged over 400% over the last 30 days, reaching levels it hadn't seen since 2018. As of this morning, it had a $143 billion market cap, around $8 billion larger than tether.
What we're watching: Whale sightings in the XRP market could signal that the asset is nearing a price peak.
