According to a report from Beincrypto, the crypto market is undergoing seismic shifts as XRP, the token that underpins the Ripple ecosystem, soars above $2, solidifying its position as the third-largest cryptocurrency by market capitalization. It’s noisy.
XRP has surpassed $135.37 billion in market capitalization, overtaking USDT stablecoin ($134.17 billion) and Solana ($108.01 billion), reigniting discussions about its potential to challenge Ethereum’s dominance I am doing it. As of this writing, XRP is trading at $2.37, marking an impressive 25.57% gain since opening trading on Monday.
There has been speculation about XRP’s trajectory, with enthusiasts suggesting it could rival Ethereum (ETH), which currently has a market cap of $441.46 billion. Adding to the buzz is the recent meeting between Cardano founder Charles Hoskinson and Ripple CEO Brad Garlinghouse, with Garlinghouse weighing Donald Trump’s role as crypto czar candidate. There are also rumors that it is. Beincryto reported that such a development could further strengthen the status of XRP, especially given President Trump’s reportedly pro-cryptocurrency stance.
XRP’s resurgence coincides with new scrutiny of Ripple’s ongoing legal battle with the US SEC. The lawsuit, which began in December 2020, has put XRP under intense market and regulatory pressure. Despite these challenges, XRP has regained its pre-litigation valuation, reminding us of its dominance before the SEC classified Bitcoin and Ethereum as non-securities in 2018 following the pivotal Hinman speech.
In the Ripple case, internal SEC discussions were revealed through the so-called “Hinman email,” and disagreements over the impact of the speech on other cryptocurrencies were revealed. While these facts fuel market optimism, XRP’s regulatory status remains unresolved, with legal analysts predicting litigation could extend into July 2025.
Whale’s sneaky move on XRP
Historically, large spikes in trades from whales to exchanges (marked with red circles) roughly coincide with peaks in XRP prices, which means whales have a large amount of XRP to sell locally or near the top of the cycle. This suggests that there is a tendency to move it to exchanges.
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— Woomingyu (@Woo_Minkyu) December 2, 2024
“Historically, large spikes in trades from whales to exchanges (marked with red circles) roughly coincide with peaks in the XRP price. This suggests that there is a trend to move XRP to exchanges. The Jira-to-exchange activity coincides with XRP reaching a local price of around $2.3, which could be an indication that whales are preparing for potential profit-taking or increased market activity. ”, CryptoQuant analysts wrote about X.
