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February 6, 2025

XRP, a cryptocurrency, has become the third largest in the world in terms of market capitalization, surpassing Tether’s USDT stablecoin. As of writing, XRP has a market capitalization of $153.1 billion, while USDT’s is at $134.2 billion. In the last 24 hours, XRP’s value has increased by more than 40%, currently trading at $2.69.

The recent rally in XRP’s value is attributed to the news that the New York Department of Financial Services (NYDFS) is close to approving Ripple’s RLUSD stablecoin. Upon approval, the new token may enter the market as early as December 4. Another factor contributing to XRP’s rally is the upcoming resignation of the chairman of the American Securities and Exchange Commission (SEC), Gary Gensler.

Gensler announced his resignation in January, and the SEC has been in a legal battle with Ripple since 2020 over accusations of raising $1.3 billion by selling XRP, which the SEC classified as an unregistered security. Peter Chung, head of research at Presto Research, stated that Gensler’s resignation could be beneficial for Ripple.

“Gensler’s resignation is also beneficial because it means that under new leadership the SEC is likely to settle or withdraw many of its pending lawsuits, including its action against Ripple. Ripple will certainly be better positioned for growth if the SEC lawsuit without the distraction,” Chung stated.

Source

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