XRP, the cryptocurrency linked to Ripple Labs, has officially overtaken Tether’s USDT stablecoin in market capitalization, securing its spot as the third-largest cryptocurrency behind Bitcoin and Ether. XRP’s market cap now stands at $138 billion, surpassing USDT’s $134.5 billion. The token’s price surged 30% in the past 24 hours to $2.46, marking a 364.1% increase over the last month.

The rally follows a series of bullish developments, including XRP overtaking Solana in market cap last weekend. Additionally, news of the New York Department of Financial Services (NYDFS) nearing approval of Ripple’s RLUSD stablecoin has fueled market optimism. Ripple is reportedly eyeing a Dec. 4 launch for RLUSD. Meanwhile, the announcement that SEC Chair Gary Gensler will step down in January has lifted sentiment, with analysts speculating that new leadership could resolve Ripple’s ongoing legal battles.

As XRP gains momentum, asset managers are exploring the launch of spot XRP ETFs, which could further boost the cryptocurrency’s adoption. Ripple’s ability to leverage its growing ecosystem and new stablecoin could determine the longevity of this rally.