Payment-focused cryptocurrency XRP has made a significant move in the cryptocurrency market. After a searing rally on Sunday, XRP/USD flipped Solana SOL/USD to become the fourth-largest cryptocurrency. This surge has caught the attention of investors and market observers alike.
Unprecedented Rally: XRP Takes on Solana and Beyond
What Led to the Surge?
The coin witnessed an over 26% surge in the last 24 hours, reclaiming the $2 level after a gap of nearly seven years. It topped $136 billion in market capitalization, knocking Solana out of the fourth place among the largest cryptocurrencies in valuation. This remarkable rally has propelled XRP's year-to-date gains to an astonishing 286%, outpacing Bitcoin BTC/USD and Ethereum ETH/USD.The rally was sparked by a Fox Business report about the New York Department of Financial Services' imminent green light to stablecoin RLUSD by Ripple Labs. Ripple, the blockchain-based company using XRP for its offerings, plans to expand beyond cross-border payments, which are used for remittances, Treasury management, supplier payments, and international disbursements, with the launch of the new stablecoin.Moreover, as the countdown to SEC Chair Gary Gensler's resignation has begun, XRP investors have become more aggressive in their trading. Ripple has been locked in a nearly four-year-long legal battle with the SEC over the status of XRP, and any change in the agency's top leadership was viewed with optimism.Price Action and After-Hours Trading
At the time of writing, XRP was trading at $2.40, up 26.66% in the last 24 hours, according to data from Benzinga Pro. Shares of MicroStrategy also showed positive movement, up 2.15% in after-hours trading. This indicates the continued interest and activity in the XRP market.The cryptocurrency market is constantly evolving, and XRP's recent performance is a testament to its potential. As Ripple continues to expand its offerings and navigate the legal landscape, the future of XRP remains uncertain but充满希望. Investors will be closely watching its progress and how it impacts the broader cryptocurrency market. 
