The crypto market is abuzz following a seismic shift as XRP, the token powering Ripple’s ecosystem, surged beyond $2, solidifying its position as the third-largest cryptocurrency by market capitalization, Beincrypto reported.
With a market cap exceeding $135.37 billion, XRP has overtaken the USDT stablecoin ($134.17 billion) and Solana ($108.01 billion), reigniting discussions about its potential to challenge Ethereum’s dominance. At the time of writing, XRP is trading at $2.37, marking a remarkable 25.57% increase since Monday’s session began.
Speculation is rife about XRP’s trajectory, with enthusiasts suggesting it could rival Ethereum (ETH), whose market cap currently stands at $441.46 billion. Adding to the buzz, a recent meeting between Cardano founder Charles Hoskinson and Ripple CEO Brad Garlinghouse has captured attention, along with rumours of Garlinghouse being considered for a role as Donald Trump’s potential crypto czar. Such a development could further bolster XRP’s standing, especially given Trump’s reported pro-crypto stance, Beincryto reported.
XRP’s resurgence aligns with renewed scrutiny of Ripple’s ongoing legal battle with the U.S. SEC. The lawsuit, which began in December 2020, has subjected XRP to intense market and regulatory pressures. Despite these challenges, XRP has regained its pre-lawsuit valuation, evoking memories of its dominance before the SEC’s 2018 classification of Bitcoin and Ethereum as non-securities following the pivotal Hinman speech.
The Ripple case has unveiled internal SEC debates through the so-called “Hinman emails,” revealing disagreements over the speech’s implications for other cryptocurrencies. While these revelations have fueled market optimism, XRP’s regulatory status remains unresolved, with legal analysts predicting the case could stretch into July 2025.
Sneaky Moves From Whales on XRP
Historically, significant spikes in whale-to-exchange transactions (marked by red circles) align closely with XRP price peaks, this suggests that whales tend to move large amounts of XRP to exchanges to sell near local or cycle tops.
The latest… pic.twitter.com/i0qKDs19XM
— 우민규 (Woominkyu) (@Woo_Minkyu) December 2, 2024
“Historically, significant spikes in whale-to-exchange transactions (marked by red circles) align closely with XRP price peaks. This suggests that whales tend to move large amounts of XRP to exchanges to sell near local or cycle tops. The latest spike in whale-to-exchange activity coincides with XRP reaching a local price of around $2.3. This could indicate whales preparing for potential profit-taking or increased market activity,” a CryptoQuant analyst wrote on X.