What Comes After XRP Price Hits 2-Year High and Market Cap Hits $100B?
XRP's market capitalization rose to $100 billion on Friday after whale activity drove its price to $1.77, a two-year high. Over 139 million XRP tokens were moved between big wallets, sparking market speculation. This aligns with key periods in the Ripple Labs vs. SEC litigation, adding interest to the crypto's performance.
Whale Activity Drives XRP Price Up
Whale Alert data from November 29 showed two large XRP whale trades. One wallet, rBJ.., transferred 104.39 million XRP coins worth $167 million to rhD.
A second transaction sent 35 million XRP worth $52.28 million from wallet rBE to wallet rsX. These transactions have stoked market speculation regarding XRP's price trajectory, especially as Ripple's SEC lawsuit nears its end.
XRP rose 20.23% to $1.74 on Friday. The market value dipped to $98.96 billion, but reaching $100 billion for the first time since the 2018 ATH is significant.
Due to these events, traders are focused on Ripple token market fluctuations. The crypto's recent rise surpassed Binance Coin (BNB) in market value, highlighting its rising popularity.
The whale trades and legal developments have increased worldwide interest in XRP and sparked debate about its future. XRP is expected to rise beyond $2 shortly, say analysts. Experts expect the token to reach $8โ$30 in the long run.
Ripple against. SEC Legal Drama
Recently filed court documents imply Ripple's legal situation is improving. Recently, a move to alter the judgment and stay order was granted in California district court.
After class claims were resolved, Ripple Labs and the SEC agreed that postponing the final decision was unjustified. Plaintiff sought judgment change to avoid future delays in case closure.
Legal experts have weighed in. Former CFTC Chairman Chris Giancarlo told FOX Business he believed the SEC's appeal would be withdrawn. Political developments, including Trump's reelection, may have contributed.
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