On December 1st, XRP price reached $2 for the first time in almost 6 years.

XRP’s market momentum highlights its strong position in the cryptocurrency space with a market cap of $113.17 billion, growing 4.24%.

In the last 24 hours, trading volume reached $11.18 billion, a notable increase of 32.93%, indicating increased liquidity and investor activity. XRP’s fully diluted valuation (FDV) stands at $198.37 billion, highlighting its long-term potential.

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The volume to market capitalization ratio of 9.65% highlights the high trading activity relative to market capitalization. With a total supply of 99.99 billion XRP and a capped maximum supply of 100 billion XRP, the near-full issuance suggests a stable supply structure that supports its robust market performance.

Will Ripple’s stablecoin get the green light?

This weekend, XRP price reacted to speculation about RLUSD launch.

The New York Department of Financial Services (NYDFS) is reportedly close to approving a new Ripple-issued stablecoin called RLUSD, according to FOX Business.

Ripple’s XRP rose 20% over the Thanksgiving weekend, building on a 200% rise since October and cementing its position as the fifth-largest cryptocurrency by market cap at $108 billion.

Ripple is preparing for a possible launch on December 4th, subject to approval. If granted, Ripple would be authorized to offer RLUSD to the public, marking a significant step into New York’s regulated digital financial market and strengthening its position within the stablecoin ecosystem.

Ripple’s business revolves around RippleNet, its blockchain-based global payments network that offers faster and cheaper cross-border payment solutions compared to SWIFT. XRP facilitates these transactions but remains embroiled in a legal battle with the SEC, which claims that XRP is an unregistered security.

With the case currently in appeal, some speculate that it could be dropped in 2025, potentially creating a clearer path for XRP’s future.

Ripple vs. SEC case

In a recent interview with Fox Business, former CFTC Chairman Chris Giancarlo predicted that the SEC could drop its case against Ripple.

When asked by reporter Charles Gasparino about the possibility, Giancarlo replied: “I would bet.” This follows the SEC’s notice of appeal in the ongoing case as well as Ripple’s cross-appeal.

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Optimism is growing in the crypto sector as current SEC Chairman Gary Gensler prepares to step down in January. Many expect his successor to take a more positive stance towards digital assets.

Prediction market Kalshi sees former SEC Commissioner Paul Atkins as the leading candidate to lead the agency, with a 60% probability of appointment. Former Binance US CEO Brian Brooks is a distant second with a 20% probability.

If implemented, this leadership change could signal a shift in regulatory approach, which could potentially benefit the crypto industry.