The cryptocurrency market is abuzz with excitement as XRP, the digital token powering Ripple’s ecosystem, has surged beyond $2, solidifying its position as the third-largest cryptocurrency by market capitalization. This monumental leap has propelled XRP ahead of the USDT stablecoin and Solana, sparking intense speculation about its future trajectory.
As of now, XRP boasts a market cap exceeding $135.37 billion, surpassing USDT’s $134.17 billion and Solana’s $108.01 billion. This dramatic rise in XRP’s value, currently trading at $2.37, marks a remarkable 25.57% increase since the start of Monday’s trading session. The market is rife with discussions about whether XRP could challenge Ethereum’s (ETH) dominance, which currently holds a market cap of $441.46 billion.
Adding to the market excitement, a recent meeting between Cardano founder Charles Hoskinson and Ripple CEO Brad Garlinghouse has caught significant attention. Rumors are swirling about Garlinghouse being considered for a role as Donald Trump’s potential crypto czar, a position that could significantly bolster XRP’s standing, especially given Trump’s reported pro-crypto stance.
XRP’s resurgence comes amidst renewed scrutiny of Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The lawsuit, which began in December 2020, has subjected XRP to intense market and regulatory pressures. Despite these challenges, XRP has managed to regain its pre-lawsuit valuation, evoking memories of its dominance before the SEC’s 2018 classification of Bitcoin and Ethereum as non-securities, following the pivotal Hinman speech.
The Ripple case has unveiled internal SEC debates through the so-called “Hinman emails,” revealing disagreements over the speech’s implications for other cryptocurrencies. While these revelations have fueled market optimism, XRP’s regulatory status remains unresolved, with legal analysts predicting that the case could stretch into July 2025.
“Historically, significant spikes in whale-to-exchange transactions (marked by red circles) align closely with XRP price peaks. This suggests that whales tend to move large amounts of XRP to exchanges to sell near local or cycle tops. The latest spike in whale-to-exchange activity coincides with XRP reaching a local price of around $2.3. This could indicate whales preparing for potential profit-taking or increased market activity,” a CryptoQuant analyst wrote on X.
XRP’s recent ascent has reignited discussions about its potential to rival Ethereum. Enthusiasts are closely watching the market, speculating on whether XRP can maintain its momentum and what the future holds for this cryptocurrency heavyweight. As XRP continues to make headlines, the broader crypto market watches with bated breath, anticipating the next chapter in this thrilling saga.
4o
