Key Points

• XRP surpassed USDT’s market cap by around $20 billion.
• XRP surged above $2.71 earlier today.

Today, XRP recorded a significant price surge, surpassing Tether (USDT) in market cap, and becoming the third-largest digital asset.

At the moment of writing this article, XRP is trading at $2.67, up by over 40%, after hitting a price above $2.71 earlier today.

XRP’s market cap is above $152.8 billion, after reaching over $154 billion. USDT currently has a market cap of over $134 billion and fell on the fourth spot in terms of market cap.

In the past month, XRP recorded a price surge of over 425% since around the US elections, when the coin was trading at around $0.5 and had a market cap of around $28 billion.

XRP’s Significant Price Surge Ahead of Ripple’s RLUSD Launch

As Forbes also noted, the digital asset kicked off a significant price rally since November 5 when the US elections took place.

The publication also mentioned that XRP’s latest price surge came following the weekend when Fox Business reported that the New York Dept. of Financial Services could soon approve the launch of Ripple’s RLUSD stablecoin.

On November 29, Fox Business said that New York’s top regulator is close to greenlighting a new stablecoin issued by cross-border payments company, Ripple.

Reports claimed that sources said that the New York Dept. of Financial Services has hinted at the fact that they will approve the product and the company is eyeing a potential launch on December 4.

If approved, as it’s now expected, Ripple will be allowed to legally offer its stablecoin called RLUSD to the public, which will position it as a major player in New York’s regulated digital finance market and the wider stablecoin ecosystem.

XRP reached its ATH on January 5, 2018, when the digital asset hit $3.3. Back then, XRP reached a market cap of almost $128 billion.