XRP Price Eyes $4.3 After Overtaking Solana, USDT With 364% Rally

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

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 beyond $4.3.

XRP Price to New All-Time High?

The XRP Price could be making a move to its new all-time high in December itself. The third-largest altcoin has achieved a significant milestone, breaking out of 84 months of stagnant price action with a single explosive XRP monthly candle.

This dramatic move marks a turning point for the cryptocurrency, potentially signaling the start of a new trend after years of consolidation. Veteran trader Peter Brandt shares a classic breakout from a flag-and-pole pattern on a multi-year timeframe.

Source: Peter Brandt

With more than 75% weekly gains, XRP is dominating the entire altcoin space outperforming other giants like Ethereum. As a result, crypto market experts are once again stressing the need to have a spot XRP ETF in the market.

Three major firms—Bitwise, Canary, and 21Shares—have filed applications for spot XRP exchange-traded funds (ETFs), targeting the third-largest cryptocurrency by market capitalization.

Nate Geraci, the President of ETH Store believes that additional issuers are likely to join the race, with the growing interest in XRP-based investment products. Pro-XRP lawyer Jeremy Hogan believes that a spot XRP ETF could come by mid-2025.

As of press time, the XRP price is trading 27% up at $2.40 with a market cap of $136 billion. The Coinglass data shows that the XRP open interest has surged 28.67% moving all the way to $4.21 billion. Also, the 24-hour liquidations have shot up to $53 million with $38 million in short liquidations and over $14 million in long liquidations. Some market analysts believe that the XRP is eyeing the next leg of the rally to $4.3.

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

The XRP price rally helped it overtake Tether (USDT) to become the third-largest cryptocurrency by market capitalization, marking a return to its pre-SEC lawsuit position. Historically, XRP held the second spot behind Bitcoin (BTC) until the SEC’s 2018 Hinman speech, which classified Bitcoin and Ethereum (ETH) as non-securities under the “sufficiently decentralized” framework. Back then it was trading much above other rivals like Solana, USDT, BNB Coin, etc.

Ethereum’s market cap surpassed XRP’s in November 2018, reshaping the crypto rankings. XRP’s recent surge now revives its position among the top-tier cryptocurrencies. In December 2020, the US SEC lawsuit against Ripple caused XRP’s price to plummet from around $0.50 to $0.17, wiping out over $15 billion in market value. Although the price eventually recovered, XRP remained at the 7 spot for the next four years.

XRP Lawyer John Deaton provides a complete overview of how XRP was the go-to cryptocurrency for businesses while the XRP Ledger was the most preferred platform for instant cross-border settlement. Talking about his long-going battle with the US SEC in the Ripple lawsuit, Deaton wrote:

“I sued the SEC b/c what it did was wrong. I’m not talking about Ripple. The SEC sues lots of companies. I’m talking about the absurd allegation that XRP itself was illegal, including if acquired by USERS of the XRPL or by people who’d never heard of Brad Garlinghouse, Chris Larsen, or Ripple”.

Below is a complete timeline of how Ripple’s XRP gained prominence in the early days before facing the regulatory heat in 2020.

The post XRP Price Eyes $4.3 After Overtaking Solana, USDT With 364% Rally appeared first on CoinGape.


Crypto Feed:
https://ift.tt/b92FXIs
Bhushan Akolkar
CoinGape

Comments