The crypto market is buzzing after a seismic shift as XRP, the token powering Ripple’s ecosystem, has surged over $2, solidifying its position as the third-largest cryptocurrency by market capitalization . Beincrypto Informed.
With a market cap of more than $135.37 billion, XRP has overtaken USDT stablecoins ($134.17 billion) and Solana ($108.01 billion), reigniting discussions about its potential to challenge Ethereum’s dominance Is. At the time of writing, XRP is trading at $2.37, representing a notable increase of 25.57% since the start of Monday’s session.
Speculation is rife about the trajectory of XRP, with enthusiasts suggesting it could rival Ethereum (ETH), whose market capitalization currently stands at $441.46 billion. Adding to the buzz, the recent meeting between Cardano founder Charles Hoskinson and Ripple CEO Brad Garlinghouse has gained attention, with rumors of Garlinghouse being considered for the role of Donald Trump’s potential crypto czar. Has also attracted attention. Bencrito noted that such a development could further strengthen XRP’s position, especially given Trump’s reported pro-crypto stance.
XRP’s resurgence aligns with the renewed scrutiny of Ripple’s ongoing legal battle with the US SEC. The litigation, 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 classified Bitcoin and Ethereum as non-securities in 2018, according to Hinman. It was after the important speech of.
The Ripple case has revealed internal SEC debates through the so-called “Hinman emails,” revealing disagreements over the implications of the speech for other cryptocurrencies. While these revelations have fueled optimism in the market, the regulatory status of XRP remains unresolved, with legal analysts estimating that the matter could stretch until July 2025.
Secret moves of whales on XRP
Historically, significant spikes in whale-to-exchange transactions (denoted by red circles) align closely with XRP price peaks, suggesting whales tend to sell large amounts of XRP at local or near cycle tops. Take to exchanges.
latest… pic.twitter.com/i0qKDs19XM
– 우민규 (Woominkyu) (@Woo_Minkyu) 2 December 2024
“Historically, significant spikes in whale-to-exchange transactions (marked by red circles) align closely with XRP price peaks. This suggests that whales are selling large amounts of XRP at local or near cycle tops. The latest spike in whale-to-exchange activity coincides with XRP reaching a local price of around $2.3, suggesting whales are potentially taking profits. Or preparing for increased market activity,” one CryptoQuant analyst wrote on X.
