XRP Surpasses Tether to Become the World's Third-Largest Cryptocurrency as Prices Surge

 XRP has surged over 71% this week, reaching $2.47, and has jumped an additional 367% in the past 30 days, driven by shifting political dynamics.

XRP, the native token of Ripple’s payments system, has risen to become the third-largest cryptocurrency by market capitalization, surpassing Tether’s stablecoin.

The asset has gained over 71% in the past week, reaching $2.47, and surged 367% in the last 30 days, according to CoinGecko data. XRP also overtook Solana for the fourth spot on Sunday.

Investors have been closely following Ripple Labs' legal battle with the U.S. Securities and Exchange Commission (SEC), especially with news that SEC Chairman Gary Gensler will depart on January 20. Gensler, criticized by the crypto community for his aggressive regulatory stance, is seen as a key factor in the lawsuit against Ripple, which began in December 2020 under former Chairman Jay Clayton. Gensler continued the case after taking office in 2021.

Despite the legal challenges, XRP operates independently on its own ledger, even though Ripple uses the token in its payment and settlement products. The ongoing case has sparked investor speculation that a favorable resolution could be near, especially with the anticipated shift in regulatory leadership.

This optimism has fueled expectations that XRP could play a bigger role in financial applications like spot exchange-traded funds. Although XRP remains around 27.6% below its all-time high of $3.40 from January 2018, it is closer to that peak than it has been in nearly seven years.

Other top cryptocurrencies have also been climbing following last week’s profit-taking and a dip in Bitcoin's price. In the past 24 hours, Cardano (ADA) has risen by about 10%, while Shiba Inu (SHIB) and Stellar (XLM) are up 8% and 13%, respectively.