- $XRP's market cap surged to an all-time high of $143 billion, surpassing Tether (USDT) to become the third largest cryptocurrency by market cap.
Key Highlights:
- XRP reached an all-time high of $2.49, its highest price since January 2018, with a monthly gain of 370%.
- The asset has seen 65% weekly gains and 30-day gains of over 370%, outpacing Bitcoin and other major cryptocurrencies.
Potential Factors Behind the Rally:
- Ripple’s ongoing legal battle with the SEC has seen favorable developments, boosting investor confidence.
- Reports suggest Ripple may launch its RLUSD stablecoin as early as Dec. 4, pending regulatory approval. Ripple recently burned 46.67 million RLUSD tokens, reducing supply and driving optimism.
- Anticipation of an XRP-based ETF has also fueled bullish momentum.
- The upcoming resignation of SEC Chair Gary Gensler has raised hopes for a positive resolution to Ripple’s legal issues.
Analysts Sound Caution:
- CryptoQuant analyst Maarten Regterschot warns of a "leverage-driven pump." XRP’s open interest — a measure of derivatives activity — has spiked 37% in 24 hours to $4 billion, indicating heightened volatility.
- Per reports, similar spikes in open interest have led to sharp sell-offs, with one previous event resulting in a 17% drawdown.