XRP Secures Third Place in Cryptocurrency Market Amid Major Rally

2 min read | December 04, 2024 06:12 PM AEDT | By Team Kalkine Media

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XRP Secures Third Place in Cryptocurrency Market Amid Major Rally — Image source: Shutterstock

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Highlights

XRP rises to become the third-largest cryptocurrency by market capitalization.

Ripple's CTO celebrates 12 years at the company amid this milestone.

XRP's market cap surpasses major global corporations like Citigroup and Airbus.

Ripple's cryptocurrency XRP has claimed the position of the third-largest cryptocurrency by market capitalization, marking a significant achievement in its journey. This milestone coincides with Ripple's Chief Technology Officer David Schwartz celebrating 12 years with the company. The achievement is a testament to the evolving dynamics of the cryptocurrency market.

Over the weekend, XRP experienced a remarkable surge of over 28%, reaching a new multi-year high of $2.48. This climb solidifies XRP's place as a key player, surpassing Tether (USDT) and Solana (SOL) to secure its current position. The rally is particularly notable given the challenges XRP faced in the aftermath of a legal battle with the SEC, which had previously threatened its standing in the top 10 cryptocurrencies.

While XRP's market cap now stands at $139 billion, the cryptocurrency still trails Ethereum (ETH), which has a commanding market cap of $444 billion. However, XRP’s current market value places it ahead of major corporations such as Citigroup (NYSE:C), Airbus (EPA:AIR), and Sony (TYO:6758).

Despite the impressive rally, XRP is not the top-performing cryptocurrency in recent days. Hedera (HBAR) outperformed it with a 42% gain, while other cryptocurrencies like EOS (EOS) and Litecoin (LTC) recorded increases of 20.5% and 20.2%, respectively. XRP also lags slightly behind HBAR in weekly performance, with respective gains of 69% and 78%.

Another major catalyst for XRP could emerge from Ripple’s recent developments. Ripple’s CEO Brad Garlinghouse recently appeared on the renowned U.S. television program "60 Minutes," bringing increased visibility to the company. This comes at a time when cryptocurrencies are gaining broader public and institutional attention.

The current rally demonstrates XRP's resilience and its potential as a key player in the evolving cryptocurrency landscape. With significant milestones achieved, Ripple's position in the crypto market remains a topic of interest as it continues to capture the attention of global traders and stakeholders.

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