XRP Soars to Seven-Year High, Overtakes Solana in Market Cap Frenzy

In a remarkable weekend for the cryptocurrency market, XRP has not only surpassed Solana in market capitalization but also climbed above the $2 mark for the first time since early 2018. This surge comes amidst a wave of optimism regarding the regulatory landscape for cryptocurrencies, particularly for XRP, which has seen a 15% increase in the last 24 hours, pushing its weekly gains to an impressive 54%.

As of now, XRP is trading at $2.16, a price point that hasn't been touched since January 2018. This significant milestone reflects a 318% increase over the last 30 days, highlighting the robust momentum behind the asset. With a market cap now sitting at $134 billion, XRP has claimed the title of the fourth-largest cryptocurrency by market value, just ahead of Solana, which stands at $112 billion.

Regulatory Changes Fueling XRP's Ascent

The recent developments in the regulatory environment have played a pivotal role in this ascent. The election of Donald Trump, who campaigned on a pro-crypto platform, has instilled a sense of optimism among investors. Additionally, the resignation of SEC Chairman Gary Gensler, effective from January 20, 2025, when Trump will be sworn in, has further fueled this optimism. Previously, the SEC had been a significant adversary to Ripple Labs, accusing it of securities law violations, which cast a shadow over XRP's future in the U.S. market.

The anticipation of a more favorable regulatory environment under the new administration has led to speculation that XRP might soon see broader adoption, potentially in spot exchange-traded funds (ETFs) and other financial instruments. This shift in regulatory perspective has not only boosted investor confidence but also highlighted XRP's potential for practical applications beyond mere speculation.

Despite this significant rally, XRP is still 41% off its all-time high of $3.40, set back in January 2018. However, the current price action signals a strong recovery trend, bringing it closer to those highs than at any point in the last seven years. This period of growth for XRP is not just about numbers; it's a testament to the changing tides in the crypto regulatory seascape, where clarity and acceptance are gradually replacing ambiguity and suspicion.