XRP Price Above $2, Beats USDT and Solana in Market Cap
The cryptocurrency market is buzzing after undergoing a huge shift. XRP, the power token of the Ripple ecosystem, surged to the $2 mark, cementing its position as the third-largest cryptocurrency by market capitalization.
XRP market cap now exceeds $135.37 billion, surpassing USDT Stablecoin ($134.17 billion) and Solana ($108.01 billion). This has sparked new debate about its potential to challenge Ethereum’s dominance.
XRP beats USDT to join top three cryptocurrencies, Sol
At the time of writing, XRP is trading at $2.37, up 25.57% since Monday’s open.
cryptocurrency enthusiast Speculate Its upward trajectory could eventually rival Ethereum (Ethereum), currently valued at US$441.46 billion. Cryptocurrency Enthusiast Amelie Highlight Cardano founder Charles Hoskinson and Ripple CEO Brad Garlinghouse recently held a meeting.
Rumors have also surfaced that Garlinghouse is a potential candidate for Donald Trump crypto czar. The move could further boost XRP’s standing, especially given Trump’s reported pro-crypto stance.
Meanwhile, XRP’s resurgence coincides with renewed attention on Ripple’s high-profile legal battle with the U.S. SEC. The case began in December 2020, with XRP experiencing significant market volatility and regulatory uncertainty.
Possible changes in U.S. cryptocurrency regulation come amid Ripple vs. SEC case
XRP has regained its pre-suit valuation, reminiscent of the time in 2018 when the SEC deemed Bitcoin and Ethereum non-securities before Hinman gave a speech in June of that year on the “sufficiently decentralized” argument. After the speech, Ethereum’s market capitalization surpassed XRP in November 2018.
The so-called “Hinman emails” discovered through the Ripple case revealed that some officials within the SEC were inconsistent with the content of the speech. Specifically, they are concerned about its impact on the regulatory status of other cryptocurrencies, which is currently unclear. Despite these disclosures, XRP’s regulatory status remains unresolved, with legal experts predicting the case may Extended to July 2025.
Attorney John Deaton is an outspoken advocate for Ripple and XRP investors. Vows to continue supporting the caseeven after his failed bid for the Senate. His persistence reflects the importance of the case to the broader crypto industry.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) has taken an aggressive stance on cryptocurrencies under Chairman Gary Gensler It has sparked widespread criticism and calls for regulatory clarity are growing. Gensler’s expected resignation could mark a turning point. Observers believe his departure could pave the way for more. Crypto-friendly regulatory environmentEspecially with the emergence of governments that support cryptocurrencies.
The common belief is that the current Trump administration may introduce policies that are favorable to cryptocurrencies. Under such an administration, Ripple’s legal position could improve, potentially ending years of regulatory uncertainty.
However, despite the recent gains, analysts have warned that XRP whales may be taking profits due to a significant increase in trading between whales and exchanges.
“Historically, large spikes in whale exchange trading (marked by red circles) have closely correlated with XRP price peaks. This suggests that whales tend to move large amounts of XRP to exchanges to sell locally or near the top of the cycle. Recent Whale Trading The surge in activity coincides with XRP’s local price reaching around $2.3, which could indicate whales are preparing for potential profit-taking or increased market activity.” wrote.
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