XRP has finally crossed a huge milestone of $100 billion in market capitalization. This rise comes amid the bullish trend, with Bitcoin surging beyond $99,800 and nearly touching a six digit figure. With the help of the bull run, there is a possibility for XRP to overtake Solana, just like it had done with BNB.
The Relative Strength Index shows a value of 90 which indicates overbought momentum. Moreover, Moving Average Convergence Divergence points towards a bullish trend with the MACD line trading above the signal line. Other indicators like Chaikin Money Flow also represent a bullish momentum. Based on the indicators, it is quite possible for XRP to beat Solana in terms of market cap.
The number of long positions for XRP is greater than the number of short positions. According to Coinglass, there is a long liquidation leverage of nearly 320M at the price $1.617 and short liquidation leverage of 55.27M at the price $2.11. Based on the long and short data and the current market data, XRP has the potential to surpass its ATH of $3.84 and reach a whole new level.
XRP Overtakes Binance Coin (BNB): What’s Driving the Surge?
Ripple Labs dollar-pegged stablecoin, RLUSD is on track for approval by the New York Department of Financial Services (NYDFS). On approval, Ripple has planned to launch the stable coin RLUSD on December 4 and it will go head to head with well established stablecoins like Circle’s USDC, Gemini’s GUSD, and more. The major challenge lies in the approval process as the criteria for NYDFS to approve crypto firms are hard. Many standards like security, consumer protection, and transparency must be fulfilled to get a nod from the agency.
This project was first announced by Ripple in April 2024 with the aim to position the coin as a strong competitor in the stablecoin market. According to projections, by 2028 the stablecoin market is expected to reach $2 trillion and the Ripple executives are targeting to get a share of this huge market.
