XRP Price Eyes New All-Time High After Overtaking Solana, USDT With 364% Rally

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As a seasoned researcher with a keen eye for market trends and a decade-long fascination with cryptocurrencies, I can confidently say that the XRP price surge has left me both astonished and exhilarated. It’s been a long journey since the early days when XRP was a dominant force in the crypto landscape, overtaking giants like Solana and USDT for the third spot.

The XRP price has extended its phenomenal rally over the Black Friday weekend gaining another 28% surging all the way to $2.50. This is the first time in 6 years that XRP is roaring on Satoshi Street above $2, overtaking giants like Solana and USDT for the third spot, with its market cap hitting an all-time high of $136. The 364% XRP rally in November calls for a new all-time high.

XRP Price to New All-Time High?

It’s possible that the price of XRP could reach a fresh record high by the end of December. This popular alternative coin has made a remarkable leap, shattering eighty-four months of price consistency in a single powerful move, symbolized by an impressive XRP monthly price spike.

This significant action could indicate a pivotal moment in the world of cryptocurrencies, possibly heralding the beginning of a fresh phase following years of stability. The seasoned trader Peter Brandt illustrates a typical breakout from a flag-and-pole configuration over an extended time period.

Showcasing over 75% growth each week, Ripple (XRP) is currently leading the altcoin sector with impressive performance that surpasses other major players such as Ethereum. This outstanding performance has rekindled the discussion among crypto market analysts about the importance of introducing an Exchange Traded Fund (ETF) for XRP in the financial markets.

Three notable companies – Bitwise, Canary, and 21Shares – have submitted requests to launch exchange-traded funds (ETFs) based on direct transactions with XRP, the third-largest digital currency in terms of market value.

Nate Geraci, Head of ETH Store, anticipates more participants entering the competition, given the escalating enthusiasm for XRP-centered financial goods. Legal advocate Jeremy Hogan predicts that a Spot Ripple ETF might be approved as early as mid-2025.

At present, there are three applications underway for Exchange-Traded Funds (ETFs) that would invest in the third-largest cryptocurrency by market capitalization.

Bitwise, Canary, & 21Shares have all filed for spot XRP ETFs.

Guessing addn’l issuers will jump in here.

— Nate Geraci (@NateGeraci) December 2, 2024

At this moment, the price of XRP is currently soaring by 27%, reaching approximately $2.40. Its market capitalization stands at an impressive $136 billion. Data from Coinglass indicates a significant increase in open interest, which now amounts to around $4.21 billion – an uptick of 28.67%. Moreover, the 24-hour liquidations have experienced a substantial spike, with short liquidations totalling $38 million and long liquidations exceeding $14 million, amounting to a total of $53 million in liquidations overall.

A Walk Down the Memory Lane When XRP Dominated Solana, USDT

The surge in XRP’s value allowed it to surpass Tether (USDT) and claim the third-largest position among cryptocurrencies by market capitalization, a move that marks its restoration to its previous standing prior to the SEC lawsuit. Prior to the SEC’s 2018 Hinman speech, XRP had held the second spot in the crypto market, just after Bitcoin (BTC), with trading values significantly higher than other competitors like Solana, USDT, BNB Coin, and others. However, following the SEC’s classification of Bitcoin and Ethereum (ETH) as non-securities under the “sufficiently decentralized” framework in that speech, XRP slipped from its original position.

Back in November 2018, Ethereum’s overall market worth exceeded that of Ripple (XRP), significantly altering the order of cryptocurrencies in terms of ranking. However, a recent growth spurt for XRP has once again placed it among the leading digital currencies. Unfortunately, in December 2020, the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, causing XRP’s value to drop from approximately $0.50 to $0.17, erasing over $15 billion in market worth. Although its price later rebounded, XRP held onto the 7th position for the next four years following this event.

Lawyer John Deaton offers a comprehensive summary of how XRP emerged as the favored cryptocurrency among businesses due to its efficiency, while the XRP Ledger was highly sought after for its ability to facilitate instant cross-border transactions. In his ongoing legal battle with the US SEC in the Ripple case, Deaton pens his thoughts:

I took legal action against the SEC as I believe their actions were unjust. To clarify, this is not about Ripple, but rather the baseless claim that XRP itself was considered illegal, regardless if it was obtained by users of the XRPL or individuals unfamiliar with Brad Garlinghouse, Chris Larsen, or Ripple.

This outlines the journey that took Ripple’s XRP from relative obscurity to a significant player, followed by the regulatory challenges it encountered in the year 2020.

THE RETURN OF XRP

With XRP overtaking SOL, above $2, and approaching a $120B market cap, allow me to reflect.

Initially, when I took legal action against the SEC, many believed I was heavily invested in XRP. However, that wasn’t the case. At the time the Ripple lawsuit was initiated, half of my wealth was actually in Bitcoin. Today, it stands at 80%. Additionally, I also held…

— John E Deaton (@JohnEDeaton1) December 1, 2024

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2024-12-02 07:42