XRP News Today: XRP Surges 25.7% After ProShares ETF Approval, Reclaims Third-Largest Crypto Spot

XRP has experienced a significant surge in value over the past week, briefly reaching the $3 price level for the first time in months. This upward momentum was fueled by the approval of the ProShares Ultra XRP ETF by the US Securities and Exchange Commission (SEC). The ETF, which offers 2x daily exposure through futures contracts, marks a pivotal moment for XRP, which has faced years of legal scrutiny and uncertainty, particularly following the SEC's 2020 lawsuit against Ripple. The approval indicates a shift in the SEC's stance towards XRP, suggesting its growing acceptance in the institutional cryptocurrency market.

Following the ETF approval, XRP saw a sharp rally, outperforming many other top assets on both daily and weekly timeframes. This surge was part of a broader bullish momentum driven by Bitcoin's recent breakout to new all-time highs above $122,000. Despite Bitcoin's subsequent correction to below $118,000, XRP maintained its upward trajectory. At the time of writing, XRP has increased by approximately 25.7% over a seven-day period, pushing its market capitalization to $173.4 billion. This growth allowed XRP to surpass Tether USDT's market cap of $159.8 billion, reclaiming its position as the third-largest cryptocurrency by market cap and closing in on Ethereum in rankings.

XRP's climb past USDT in market capitalization highlights its strong performance and market presence. However, overtaking Ethereum, the next target on the leaderboard, presents a more challenging task. To surpass Ethereum's market cap of $381.13 billion, XRP would need to more than double from its current market cap of $173.46 billion. Assuming the current circulating supply of 59.13 billion XRP tokens remains constant, this would require a price of roughly $6.60 per XRP to achieve a market cap of $381.13 billion. Ethereum has also seen notable price gains in recent days, with a 20.2% increase over the past week, driven by steady inflows into Spot Ethereum ETFs, which witnessed $1.55 billion inflows in July.

Despite Ethereum's strong performance, XRP still has the potential to overtake it, particularly if a Spot XRP ETF is approved by the SEC. A crucial decision is expected on July 25, when the SEC is set to rule on the REX-Osprey XRP ETF, a spot-based ETF. Some analysts predict that under full-scale institutional adoption, XRP's price could skyrocket toward $1,000, positioning it to compete with Bitcoin in market cap. At the time of writing, XRP is trading at $2.93.