XRP Price Hits $2 in Epic Bullish Move

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As a seasoned crypto investor with a decade of rollercoaster rides under my belt, I’ve learned to read between the lines and find opportunities amidst the chaos. The recent surge of XRP to $2 after six years is not just a price hike; it’s a testament to its resilience and potential in the crypto space.

On Dec. 1, XRP price reached $2 for the first time in almost 6 years. 

The market behavior of XRP underscores its significant role within the cryptocurrency sector, boasting a market capitalization of approximately $113.17 billion and experiencing a 4.24% increase.

Over the last day, the trading volume surged by a substantial 32.93% to hit approximately $11.18 billion, indicating a rise in both liquidity and investor engagement within the market. This growth underscores the potential that XRP holds for long-term gains, with its fully diluted valuation (FDV) standing tall at an impressive $198.37 billion.

The ratio of trading volume to market capitalization being 9.65% suggests that the level of trading activity is quite high compared to its total value in the market. With an overall supply of approximately 99.99 billion XRP and a maximum capped supply of exactly 100 billion XRP, the fact that it’s almost fully issued indicates a consistent supply system that contributes to its strong market behavior.

Ripple‘s stablecoin to get greenlight? 

During this weekend, the XRP price has reacted to speculations to RLUSD adoption.

Reports suggest that the New York Department of Financial Services (NYDFS) is nearing its decision to give approval for a newly-developed stablecoin from Ripple, called RLUSD, as per Fox Business.

Over the Thanksgiving holiday period, Ripple’s XRP soared by approximately 20%, extending its impressive growth of 200% since last month. This surge has helped reinforce XRP’s standing as the fifth-largest cryptocurrency, with a market capitalization of around $108 billion.

As a researcher, I am eagerly awaiting potential approval for Ripple’s launch on December 4th. If successful, this authorization will empower us to make RLUSD accessible to the public, signifying a substantial stride into New York’s regulated digital finance market. This move will undeniably reinforce our standing within the stablecoin ecosystem.

Ripple’s operations primarily center around RippleNet, a globally interconnected blockchain platform designed for swift and economical cross-border money transfers. This service offers a quicker and more affordable alternative to traditional systems like SWIFT. However, the digital token XRP is involved in a lawsuit with the SEC, which claims that XRP functions as an unregistered security.

In the current stage where the case is being appealed, there are predictions suggesting that it might be dismissed by 2025, thereby paving a more transparent route ahead for XRP.

Ripple vs. SEC case

In a recent Fox Business interview, former CFTC Chairman Chris Giancarlo predicted that the SEC might drop its case against Ripple. 

In response to a question posed by Charles Gasparino, Giancarlo indicated that he believes it is likely, given the recent SEC appeal and Ripple’s counter-appeal in the ongoing legal proceedings.

As a researcher immersed in the dynamic world of cryptocurrencies, I am observing an uptick in optimism. This optimism stems from the impending departure of SEC Chair Gary Gensler in January, with many speculating that his successor may adopt a more accommodating view towards digital assets.

According to prediction market Kalshi, it’s likely that former SEC Commissioner Paul Atkins has the best chances (60%) to take on the leadership role at the agency. Brian Brooks, who was previously the CEO of Binance US, is seen as a potential candidate but with less probability (20%).

Implementing this leadership change might indicate a transition in regulatory stance, which could positively impact the cryptocurrency sector.

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2024-12-01 22:23