Ripple (XRP) cryptocurrency website displayed on Huawei Y6 2018 smartphone. Source: piter2121 - stock.adobe.com

Key Takeaways:

XRP overtook Solana in market cap, reaching $122 billion on December 1, 2024, becoming the fourth-largest cryptocurrency.
XRP hit a seven-year high at $2.19, driven by ETF speculation, partnerships, and rumors of Elon Musk’s interest in Ripple.
Ripple Labs announced groundbreaking developments, including XRP ETF filings, tokenized money market funds, and a potential stablecoin approval.

Ripple’s XRP has climbed to the fourth spot among cryptocurrencies by market capitalization, surpassing Solana (SOL) on December 1, 2024.

With a market cap exceeding $122 billion, compared to Solana’s $111.9 billion, XRP has cemented its position as a major player in the crypto market.

JUST IN: $XRP surpasses Solana $SOL to become the 4th largest cryptocurrency by market cap.
— Watcher.Guru (@WatcherGuru) December 1, 2024

This surge is supported by a circulating supply of approximately 57 billion XRP tokens out of its 100 billion cap.

The token’s price has soared to $2.19, its highest in seven years, following a robust rally since November 10.

This price growth is attributed to Ripple Labs’ strategic initiatives, including high-profile partnerships, product launches, and speculation about an XRP exchange-traded fund (ETF).

Unconfirmed rumors of an investment in Ripple by Elon Musk have further fueled excitement.

Elon Musk Was Asked About #XRP!

Pay attention to how nervous he was,

Musk’s response was as unexpected as it was revealing,

Why can billionaires endorse Bitcoin & Dogecoin but can’t speak on XRP?

Think about it. The silence says it all. pic.twitter.com/b0McsY0TtJ
— Vandell | Black Swan Capitalist (@vandell33) October 21, 2024

November proved pivotal for Ripple Labs and XRP, with asset managers 21Shares and WisdomTree filing for XRP ETFs.

Ripple also partnered with Archax to tokenize Abrdn’s $4.77 billion U.S. dollar liquidity fund.

Additionally, New York regulators are expected to approve Ripple’s RLUSD stablecoin soon.

These developments have significantly boosted market sentiment and solidified XRP’s position as a key cryptocurrency in the evolving digital asset landscape.