XRP, the native token for the Ripple payment network has flipped Solana to become the fourth largest cryptocurrency by market capitalization.
The token which used to be the fifth largest crypto asset by market cap surpassed Solana’s market cap on Sunday, December 1 in a sudden price gain.
At the time of reporting, XRP has a market cap of over $131 billion, while Solana has a market cap of over $107 billion, according to data from CoinGecko.
XRP in the spotlight
The recent price gains by XRP has placed it in the spotlight, but like any other Success, there’s a story behind it.
Ripple’s co-founder and CEO, Brad Garlinghouse has been in the news a lot recently, with the top reason being the upcoming Ripple USD stablecoin launch. He also had a meeting with the president-elect of the United States, Donald Trump.
In fact, rumors have been circulating since then that Garlinghouse may resign from heading Ripple to take a crypto position in Trump’s cabinet.
Apparently, these recent developments have placed XRP in good light, which may explain why investors have suddenly developed interest in the token.
Another thing is the general positive disposition of Trump’s government towards crypto, which is demonstrated by SEC chair Gary Gensler giving up his seat.
The question many crypto enthusiasts are asking now is whether Ethereum (ETH) will be the next crypto that XRP flips.
The next big thing
Ripple has been in a long battle with the SEC on whether XRP is a security or not. While there was a ruling on the case in July 2023, there has been a lingering case since the SEC appealed the ruling.
All of that may soon be over though, as Ripple has secured another ruling to fasttrack the final judgment on the case.
According to pro-XRP lawyer Jeremy Hogan, the case may come to a final close by mid 2025 at the latest, especially with Gary Gensler out of the way.
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