XRP rose to $2.37, leaving behind USDT and Solana with a market value of $135.37 billion. XRP regained its former value amid increasing uncertainty following the Hinman emails. Ripple’s partnerships and leadership changes contributed to XRP’s rise. While a major change is taking place in the cryptocurrency market, XRP, the cornerstone of the Ripple ecosystem, has surpassed the $2 level and solidified its third place in terms of market value.
XRP currently has a market cap of $135.37 billion, surpassing stablecoin USDT ($134.17 billion) and Solana ($108.01 billion), sparking new discussions about its potential to challenge Ethereum’s dominance.
As of writing, XRP is trading at $2.37, a remarkable 25.57% increase since the Monday session opened. Cryptocurrency enthusiasts believe that XRP could be on its way to rivaling Ethereum (ETH), which currently has a market cap of $441.46 billion. The recent meeting between Ripple CEO Brad Garlinghouse and Cardano founder Charles Hoskinson has reinforced these developments.
Additionally, rumors that Garlinghouse could become Donald Trump’s White House advisor on crypto could also boost XRP’s status. Trump’s reported crypto-friendly stance could be a major factor in XRP’s future.
XRP’s recent surge comes at a time when Ripple’s high-profile legal battle with the U.S. Securities and Exchange Commission (SEC) has resurfaced. The lawsuit, which began in December 2020, has helped XRP continue to endure regulatory uncertainty. After the SEC ruled in 2018 that Bitcoin and Ethereum were not securities, and Hinman spoke in June to say that they were “sufficiently decentralized,” XRP returned to its former value. These developments led to Ethereum surpassing XRP in November 2018.
The “Hinman emails” obtained in the Ripple case showed that some officials within the SEC contradicted the content of the conversation, which has continued to cause regulatory uncertainty for other cryptocurrencies. Legal experts predict the case could last until July 2025.
Attorney John Deaton, an advocate for Ripple and XRP investors, has stated that he will continue to support the case even after a failed Senate bid. Deaton’s insistence underscores the importance of the case to the cryptocurrency industry.
On the other hand, the SEC’s tough stance on cryptocurrencies under SEC Chairman Gary Gensler has been widely criticized and demands for regulatory clarity have increased. Gensler’s possible resignation could pave the way for a crypto-friendly regulatory environment. The general consensus is that a potential Trump administration could have positive consequences for Ripple’s legal standing.
Despite the recent gains, however, analysts are drawing attention to the possibility of profit-taking among XRP whales. Increases in whale-exchange transactions suggest that the XRP price may be nearing its peak. CryptoQuant analysts noted that increases in whale-exchange transactions often coincide with XRP price peaks, emphasizing that whales are preparing for potential profit-taking or an increase in market activity.