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WisdomTree, a global provider of ETF solutions, has submitted an S-1 application to the U.S. Securities and Exchange Commission (SEC) to create an XRP-based exchange-traded fund (ETF). This move comes in response to XRP’s impressive recent performance in the cryptocurrency market. XRP recently surpassed Tether’s USDT in market capitalization, making it the third-largest cryptocurrency in the world, following Bitcoin (BTC) 
$104,885 and Ethereum (ETH) 
$2,488.
XRP Surpasses Tether’s USDT to Claim Third Place
XRP has overtaken Tether’s USDT with a market cap of $141.8 billion compared to USDT’s $134.5 billion. Over the past 24 hours, XRP’s price surged by 30%, reaching $2.46. This increase represents a remarkable 364.1% gain over the past month.
Spot XRP ETFs and SEC Lawsuit Boost Optimism
Ripple 
$2 Labs’ XRP has strengthened its position by surpassing Solana 
$152 (SOL) in market value. Analysts suggest this surge is attributable to news that Ripple’s stablecoin, RLUSD, is likely to be approved by the New York Department of Financial Services (NYDFS). It’s speculated that Ripple may launch this stablecoin on December 4.
Peter Chung, Head of Presto Research, commented that nearing approval of Ripple’s stablecoin by NYDFS is supporting XRP’s price. Furthermore, SEC Chairman Gary Gensler’s announcement to leave his position by January is also having a positive impact.
Ripple has been engaged in a legal battle with the SEC over allegations of $1.3 billion in unregistered securities sales since 2020. Gensler’s departure is believed to increase the likelihood of a settlement or withdrawal in this case, allowing Ripple to focus more on its ecosystem development goals.
The interest in XRP is further bolstered by applications for spot XRP ETFs. Besides WisdomTree, asset management firms such as 21Shares, Canary Capital, and Bitwise have also applied for XRP-based ETFs. Analysts predict that if approved, the market impact of XRP will strengthen significantly.
Market participants believe that Ripple’s RLUSD stablecoin and potential ETF approvals will add value to the XRP Ledger ecosystem. These developments are expected to positively influence XRP’s price movements and market position in the long term.
