XRP has reclaimed its position as the third-largest crypto by market capitalization, overtaking USDT. This marks a return to its pre-SEC lawsuit status. Before Ethereum surpassed it in late 2018, XRP held the second spot behind Bitcoin.
The controversial Hinman speech in June 2018, declaring BTC and ETH as “sufficiently decentralized,” shifted market dynamics. Internal SEC documents revealed dissent over this speech, fueling regulatory uncertainty. Six years later, XRP’s legal clarity remains unresolved.
Ripple’s case with the SEC started in Dec. 2020, which then tumbled its price from $0.50 to $0.17. More than $15 billion in market value vanished in the wake of the lawsuit.
Despite the recovery, XRP sat at seventh for years. This month, however, saw a 450% rally that saw XRP surge back to third place in a single bound, with the price touching $2.76, up 47% in 24 hours and 93% on the week.
Trading volume dominance on South Korea’s Upbit
The trading volume surged in South Korea’s Upbit exchange, where XRP saw a volume of $3.69 billion. In contrast, Bitcoin and Ethereum trading volumes were at $339 million and $225 million, respectively, meager compared to this rally.
In the meantime, XRP sentiment has been boosted by recent comments from former CFTC Chair Chris Giancarlo. He opined that the SEC might drop its case against Ripple under a crypto-friendly administration, calling XRP non-security in his legal analysis.
Another catalyst came from the official address of Ripple receiving 500 million XRP unlocks on Dec. 1, valued at over $970 million. Monthly unlocks have happened each month since June, feeding investor optimism.
Future projections: can XRP hit $18 or $150?
Market speculations are that XRP might shoot for the skies, with targets such as $18 by the end of Dec. 2024 and $150 by the beginning of Jan. 2025. Analyst EGRAG CRYPTO projects this to happen because the price developments now slightly resemble what it did in 2017 when it made its historical price jump.
Such predictions stoke fervor but equally underline how fickle the market could be. However, XRP’s resurgence underlines its resilience amidst legal and market challenges; thus, it is a sign of renewed investor confidence as it regains its position in the crypto spotlight.
