XRP has reclaimed its position as the world’s third largest cryptocurrency by market capitalisation after a gruelling four-year legal battle with the US Securities and Exchange Commission (SEC). The key court ruling, which clarified XRP’s status as not inherently a security, has caused a surge in investor confidence, propelling the token to new heights in the global market.
XRP has surged past the monumental rise, fueled by regulatory shifts and Ripple’s strategic developments, has ignited speculation about its potential to challenge Ethereum’s position.
XRP Beats Solana and Tether, Emerges World’s Third Largest Cryptocurrency
XRP has officially outrun Solana (SOL) and Tether (USDT) to become the world’s third largest cryptocurrency. This milestone comes after an extraordinary 379% surge in its monthly price chart. Analysts attribute this unprecedented growth to a combination of regulatory developments and Ripple’s innovative strides in the blockchain space.
In the past 24 hours alone, XRP has surged 30%, boosting its weekly and monthly gains to an impressive 68% and 379%, respectively. At press time, XRP’s market cap stands at $140 billion, surpassing Solana by $6 billion and Tether by $31 billion.
Ripple’s native token is not just breaking records but rewriting history, surpassing its previous all-time high of $1.96 set in 2021. Its market dominance has climbed to 4%, with a 97% surge in its 24-hour trading volume. Ethereum (ETH), with a market cap of $442 billion, remains the only hurdle between XRP and Bitcoin (BTC) at the top spot.
Peter Chung, Head of Research at Presto Research, links XRP’s rally to multiple factors. Foremost among them is the anticipation of regulatory approval for Ripple’s stablecoin, RLUSD, by the New York Department of Financial Services (NYDFS). Reports suggest the launch could be as soon as December 4, potentially cementing Ripple’s position as a leader in blockchain-based finance.
Chung also points to SEC Chairman Gary Gensler’s rumored resignation, which may herald a more favorable regulatory environment for Ripple. “A new administration could either settle with Ripple or dismiss the case entirely,” Chung stated, underscoring the impact of these changes on market sentiment.
Fox Business corroborates this view, noting that Ripple’s legal challenges may soon reach a turning point. The prospect of a settlement has further fueled XRP’s upward trajectory, with investors and analysts keeping a close eye on developments.
While XRP’s ascent is remarkable, opinions differ on its long-term trajectory. Maarten Regterschot, an analyst at CryptoQuant, warns of a potential 17% pullback. “XRP might be experiencing a leverage-driven pump,” Regterschot cautioned, citing a 37% surge in Open Interest (OI).
On the other hand, Vincent, a prominent crypto analyst, has made a bold prediction: XRP could reach $10,000. Although such forecasts often spark debate, Vincent noted that ChatGPT invalidated market cap as a limiting metric, suggesting that the sky might indeed be the limit for XRP.
More measured predictions come from Mikybull Crypto, who draws parallels between XRP’s current rally and its legendary 2017 bull cycle. “XRP is mirroring its 2017 performance, when it gained over 61,000%. It could double its price in this cycle,” he remarked, forecasting a price range of $2 to $10.
Elliott Wave theory proponent Dark Defender shares similar optimism, setting a target of $18 for XRP. Additionally, Binance analysts project a more conservative but still ambitious price of $5.
Ripple’s Strategic Moves Expalined
Ripple’s advancements are not confined to price performance. The potential approval of RLUSD positions Ripple as a major player in stablecoin innovation. If launched, RLUSD could revolutionize cross-border payments, reducing transaction costs and settlement times.
Ripple’s ongoing legal battle with the SEC also continues to shape market dynamics. Analysts believe that a resolution in Ripple’s favor could set a positive precedent for other cryptocurrencies, fostering a more innovation-friendly regulatory landscape.
With XRP now firmly established as the world’s third-largest cryptocurrency, the question arises: can it dethrone Ethereum? XRP’s market cap would need to triple to match Ethereum’s $442 billion valuation. While challenging, the combination of Ripple’s technological innovations and favorable regulatory shifts makes this scenario increasingly plausible.
Experts remain divided. “Ethereum’s dominance lies in its utility and vast ecosystem,” said blockchain expert Rachel Kim. “For XRP to overtake ETH, it must establish comparable versatility and adoption.”
However, with RLUSD on the horizon and growing institutional interest, Ripple appears poised for continued growth.
XRP’s meteoric rise to become the world’s third-largest cryptocurrency marks a pivotal moment in the crypto landscape. Its ability to surpass Solana and Tether underscores its resilience and potential for further growth.
As regulatory clarity improves and Ripple expands its offerings, the race between XRP and Ethereum could intensify. For now, XRP stands as a testament to the transformative power of blockchain technology and strategic innovation.
The Road Ahead for the World’s Third Largest Cryptocurrency
XRP’s status as the world’s third-largest cryptocurrency cements its place as a leading digital asset. Its rise has inspired confidence among investors, many of whom now consider XRP a strong alternative to Ethereum.
The world’s third-largest cryptocurrency is not just riding on speculation; it’s backed by Ripple’s practical use cases, such as cross-border payments and upcoming stablecoin integration. As the world’s third-largest cryptocurrency, XRP is uniquely positioned to capitalize on regulatory clarity, institutional adoption, and blockchain innovation.
With these factors in play, the world’s third-largest cryptocurrency is poised to redefine what’s possible in the crypto space, challenging both Ethereum and Bitcoin in the race for dominance.
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