Ripple (XRP) Returns to Top 5 Ranking After Five-Year Hiatus

• XRP briefly overtook Tether’s (USDT) market cap but now sits just $3 million under the leading stablecoin.
• A pro-crypto U.S. President and administration are anticipated to reinvigorate digital asset markets in 2025.
• XRP spent four years as the seventh-largest crypto by market cap and never dropped out of the top ten rankings.
• Ripple’s stablecoin, RLUSD, is set to launch on Dec. 4, 2024.

After four years of suppression following the U.S. Securities and Exchange Commission’s (SEC) lawsuit, Ripple (XRP) has experienced historic growth, adding billions to its market cap and once entering the top five cryptocurrencies by market cap.

Ripple Surpasses Tether

The astronomical bullishness around XRP pumped its market cap above that of the leading stablecoin, Tether (USDT).

However, this was only momentary. After peaking at above $142 billion, XRP’s market cap now stands at just above $128 billion, a few million short of USDT’s $134 billion.

It’s an exciting time for Ripple and its devoted backers, who for years have anticipated the outcomes of the SEC’s case against it, which could have had gigantic implications for the entire cryptocurrency market and industry.

One of the initial price boosts in November came following SEC chair Gary Gensler’s resignation.

However, the token has received even more rocket fuel following a fresh ruling that could swiftly end the four-year-long legal battle.

The buzz around XRP being unshackled from the over-bearing regulatory approach established by the SEC and Gary Gensler prompted a gigantic rally for the XRP token, boosting its market cap to highs not seen since 2017.

Final Judgment

Hype initially mounted when former Commodity Futures Trading Commission Chairman (CFTC) Chris Giancarlo hinted  that the SEC’s approach to crypto would drastically change with the incoming administration and suggested the regulator may even abandon its appeal against Ripple following a string of courtroom losses.

“I would recommend, it’s time for regulatory agencies to drop a lot of these cases which they have lost at the trial court,”

However, excitement reached a fever pitch upon a fresh court order that made a modification to an earlier ruling  and could see a sooner-than-expected resolution to the case.

As per the filings, both Ripple and the plaintiffs agree to avoid additional delays as most class-action claims are now settled. However, claims against some Ripple executives remain in play until appeals are finalized.

Ripple’s request for an amended judgment, which would address uncertainties regarding the case’s finality, was also approved.

Ripple Labs

Bolstering Ripple’s return to the tops of the crypto markets are the developments surrounding the company and the token itself.

Most notably, Ripple is about to enter the stablecoin market with RLUSD, which is confirmed to be launching on Dec. 4,

Furthermore, major investment funds have applied to create spot XRP exchange-traded funds (ETFs), which would legitimize the asset in modern financial markets just as Bitcoin and Ethereum ETFs did.