XRP, the cryptocurrency developed by Ripple Research Institute, has achieved a historic milestone, regaining its position as the third largest digital asset by market capitalization. This resurgence comes after years of legal battles and market challenges, and marks a major turnaround for the token and its investors.
The recent surge in XRP price, which reached $2.35 as of early December, represents a 24% increase in the past 24 hours and an extraordinary 341% increase since early November. These gains reflect not only bullish market sentiment, but also growing confidence in Ripple's future as the company moves closer to resolving a long-standing legal dispute with the U.S. Securities and Exchange Commission (SEC). I am doing it.
The 384% jump in XRP price over the last month is nothing short of incredible, especially for such a storied currency. Source: Brave New Coin XRP Liquid Index
Ripple's legal battle began in December 2020 when the SEC filed a lawsuit against Ripple, accusing it of soliciting unregistered securities through the sale of XRP. The lawsuit caused the price of XRP to plummet from $0.50 to $0.17, wiping billions of dollars from its market value. Over the next four years, the cryptocurrency remained the seventh largest by market capitalization and unexpectedly maintained its top 10 position despite the controversy. Recent legal victories in 2024, including a favorable ruling for Ripple, have brightened Ripple's outlook significantly, increasing investor enthusiasm and market momentum.
The impact of XRP's rebound is clear beyond price fluctuations. According to Google Trends data, searches for “XRP” exceeded broader terms such as “cryptocurrency” several times in November, with the token gaining popularity among both retail and institutional investors. You can see that awareness is increasing. This surge in search activity, fueled by stories of legal victories and market resilience, highlights renewed public interest in XRP and its underlying blockchain technology.
The rise of virtual currencies has completely changed the competitive environment. XRP has surpassed the stablecoins of Solana (SOL), Binance’s BNB, and even Tether (USDT), securing its position as the third-largest cryptocurrency after Bitcoin (BTC) and Ethereum (ETH). . While Bitcoin remains the dominant force in the market with a per-token value of over $96,000, Ethereum maintains a comfortable lead over XRP with a 219% market capitalization advantage.
However, XRP's recent rally has sparked speculation about its ability to challenge Ethereum for the second spot. Analysts suggest that if XRP maintains its upward trajectory, it could approach Ethereum’s valuation by reaching higher price levels. While this scenario remains ambitious, it is not entirely unlikely given the token's current momentum and ability to attract significant trading volume.
Ripple's journey is emblematic of the volatility and resilience of the crypto market. After years of legal uncertainty and market challenges, XRP's resurgence signals a broader shift in sentiment. Investors are closely monitoring whether XRP can maintain its growth and establish itself as a major player in the cryptocurrency ecosystem.