Driven by both the Ripple lawsuit and the overall market momentum, XRP's price has rebounded and reclaimed its position among the top three cryptocurrencies. XRP successfully surpassed USDT and Solana, once again becoming the third-largest cryptocurrency by market capitalization, achieving a significant increase of up to three times in November. Lawyer John Deaton and the XRP army, with 75,000 members, played a crucial role in challenging the inconsistent actions of the SEC, significantly promoting the recovery process of XRP.
The price of XRP has risen again, successfully surpassing USDT after climbing to $2, and has also overtaken Tether and Solana, becoming the third-largest cryptocurrency by market capitalization. This is undoubtedly a significant milestone, restoring XRP to the position it held before the legal battle between Ripple and the SEC. Fox Business News reporter Eleanor Terrett recently highlighted the challenges facing XRP.
It is reported that before SEC Chairman Jay Clayton's speech in 2018, XRP was the second-largest cryptocurrency. Clayton's speech classified Bitcoin and Ethereum as non-security categories, which led to XRP losing its original position to Ethereum in November 2018 due to regulatory uncertainty. Relevant documents in the Ripple case (commonly referred to as the 'Hinman emails') reveal significant internal disagreements within the SEC regarding the impact of that speech on other cryptocurrencies.
Six years later, the regulatory status of XRP remains unclear, leading to ongoing debates about how to classify cryptocurrencies. John Deaton's legal battle for the fairness of XRP makes him a key figure in XRP's legal journey.
Reflecting on his confrontation with the SEC, Deaton revealed that initially, the amount of XRP he held was not substantial compared to his investments in Bitcoin and Ethereum. However, the SEC's assertion that all XRP transactions were illegal prompted him to step up, not only to defend Ripple but also to protect the rights of XRP users worldwide. Deaton emphasized the many key contradictions present in the SEC's actions.
As early as 2014, the U.S. Government Accountability Office classified XRP as a virtual currency; in 2015, the Financial Crimes Enforcement Network declared that XRP falls under the category of currency and established corresponding compliance rules for Ripple; by 2019, Coinbase listed XRP for trading after a comprehensive and thorough legal review, and MoneyGram publicly disclosed its use of XRP in its business operations. Despite the numerous recognitions and validations from official or authoritative institutions, the SEC still filed a lawsuit against it in December 2020, labeling XRP as an unregistered security, which caused a major stir in the entire cryptocurrency field.
However, the support for XRP does not come solely from Deaton; the 75,000-strong XRP army has also contributed to this positive trend and has shown strong support at various stages of XRP's development. Many investors even chose to double their holdings to demonstrate their strong confidence in XRP. The price surge of XRP reached an impressive threefold increase by the end of November, setting a new price high in seven years.
Even with the issuance of 1 billion tokens, the price of this cryptocurrency remains stable and strong, which may cause some concern for new investors who are not very familiar with XRP's token economics. Following a 2.4% drop yesterday, XRP surged 29% today, with the current trading price at $2.44.
As the new month unfolds, market observers are eager to understand how XRP will perform given the gradual increase in trading volume, as this relates to whether its recent positive momentum can be sustained. At the same time, analysts are hopeful that after Gary Gensler steps down, XRP can experience a more significant price increase in January.
