XRP, the digital currency powering Ripple’s ecosystem, has recently marked a significant milestone, overtaking both the USDT stablecoin and Solana in market capitalization. With a valuation surpassing $135.37 billion, XRP now sits comfortably as the third-largest cryptocurrency, trailing only Bitcoin and Ethereum, as reported by Beincrypto.
The market is abuzz as XRP’s price surged beyond $2, currently trading at $2.37, reflecting a striking 25.57% rise since the beginning of the week. This remarkable rally has sparked renewed speculation about XRP’s potential to challenge Ethereum’s long-held dominance, with the latter holding a market cap of $441.46 billion.
XRP’s newfound strength has generated significant interest, with crypto enthusiasts speculating that the token could pose a serious challenge to Ethereum’s market position. The momentum has been further fueled by recent rumors surrounding Ripple’s CEO, Brad Garlinghouse. A meeting between Garlinghouse and Cardano founder Charles Hoskinson has sparked further intrigue, along with speculation that Garlinghouse may take on a prominent role in Donald Trump’s potential crypto agenda, should the former U.S. president pursue such a position. This speculation has intensified, given Trump’s perceived pro-crypto stance.
However, XRP’s resurgence is not just driven by market sentiment but also by the ongoing legal battle Ripple is engaged in with the U.S. Securities and Exchange Commission (SEC). The lawsuit, which began in December 2020, has had far-reaching implications on XRP’s price, as the token faced increased scrutiny from both regulators and investors alike. Despite these challenges, XRP has managed to reclaim its pre-lawsuit market value, reflecting investor confidence in its long-term potential.
The ongoing legal case has brought attention to Ripple’s fight for clarity in its regulatory status. The case continues to unravel significant details, including the controversial “Hinman emails” that have exposed internal debates within the SEC over how different cryptocurrencies should be classified. These revelations have fueled optimism within the market, even as legal experts predict that the case may drag on well into 2025.
Despite the uncertainty surrounding its regulatory status, XRP’s impressive climb in the rankings has positioned it as a key player in the ever-evolving world of cryptocurrencies. Investors and market analysts will be closely watching to see whether XRP can continue to build on its momentum and possibly challenge the supremacy of Ethereum in the coming months.
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