Ripple’s XRP token flips Solana’s market  capitalization

According to CoinMarketCap, XRP has a market capitalization of more than $122 billion as of this writing, compared to Solana’s $111.9 billion. Ripple’s native coin has been on a run in recent weeks, starting a surge on November 10 and peaked at $2.19 on December 1, marking the digital asset’s seven-year high.

November has been a busy month for Ripple Labs and XRP

On November 1, 2024, asset manager 21Shares filed for an XRP ETF, bolstering investor anticipation that the Securities and Exchange Commission (SEC), which will have new leadership in January 2025, will approve the ETF applications.

On November 15, the New York Stock Exchange Arca filed a petition with the SEC to list the Bitwise cryptocurrency index exchange-traded vehicle. The Bitwise crypto index will include 10 digital assets, including Bitcoin BTC ($96,365), Ethereum ETH ($3,679.43), Cardano ADA ($1.15), Avalanche AVAX ($48.19), XRP, and others. On November 25, asset management WisdomTree filed for an XRP ETF in Delaware, joining 21Shares, Canary Capital, and Bitwise.

On November 25, Ripple Labs introduced the first tokenised money market fund on the XRP Ledger. The tokenised fund was made feasible through a collaboration between Ripple Labs and Archax, a regulated cryptocurrency exchange in the United Kingdom. As part of the two companies’ agreement, Ripple will tokenize Abrdn’s $4.77 billion US liquidity fund. More recently, on November 29, reports arose that the company’s RLUSD stablecoin — an over-collateralized US dollar-pegged token — would be approved by New York banking regulators within the following days.

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