With a market capitalization now exceeding $135.37 billion, Ripple's XRP has outperformed both the stablecoin USDT ($134.17 billion) and the altcoin Solana ($108.01 billion). Naturally, this performance has reignited debates about its potential to challenge Ethereum's dominance.
The Ripple's XRP climbs into the top 3 crypto ahead of USDT and Solana
XRP was trading at $2.37 at the time of writing, up an impressive 25.57% since Monday's session opened.
Crypto enthusiasts are now speculating on the potential for its upward trajectory to eventually allow it to rival Ethereum (ETH), which currently boasts a market cap of $441.46 billion. On X, Internet user Amelie notably highlighted a recent meeting between the founder of Cardano, Charles Hoskinson, and the CEO of Ripple, Brad Garlinghouse.
Rumors have also emerged regarding Garlinghouse as a potential candidate to become Donald Trump's “chief crypto officer”. This could further elevate Ripple's crypto status, especially with the current pro-crypto stance claimed by Trump.
At the same time, the strong comeback of XRP coincides with renewed attention to the long legal battle between Ripple and the American SEC. Throughout this affair, which began in December 2020, the price of XRP has withstood strong market fluctuations and regulatory uncertainty.
The Ripple vs. DRY soon relegated to the past?
XRP has now returned to its pre-trial valuation, reminiscent of the time when the SEC only considered Bitcoin and Ethereum to be non-securities, before William Hinman's speech in June 2018. Following this speech, Ethereum's market capitalization finally surpassed that of XRP in November 2018.
The so-called “Hinman emails,” obtained during the Ripple affair, showed that some officials within the SEC disagreed with the content of the speech and were particularly concerned about its implications for the regulatory status of others. cryptocurrencies, which remains unclear. Despite these revelations, the regulatory status of XRP remains unresolved, with some legal experts expecting the case to drag on until July 2025.
Lawyer John Deaton, a staunch defender of Ripple and XRP investors, for his part promised to continue supporting the case, even after his failure to run for Senate. Its persistence reflects the importance of the Ripple-SEC affair to the crypto industry as a whole.
Separately, the SEC's aggressive stance toward crypto under Chairman Gary Gensler has drawn heavy criticism, with growing calls for regulatory clarity. Gensler's early resignation, however, could mark a turning point; some industry players are now suggesting that his departure could pave the way for a more favorable regulatory environment for digital assets, particularly in the face of the advent of a pro-crypto administration.
However, despite Ripple's recent crypto gains, analysts are warning of potential profit-taking among XRP whales in the face of significant spikes in whale transactions to exchanges.
“Historically, significant spikes in whale transactions to exchanges (marked by red circles) closely coincide with XRP price highs. This suggests that whales tend to move large amounts of XRP onto exchanges to sell near local or cyclical highs. The latest spike in whales-to-exchange activity coincides with XRP trading at a peak of around $2.3. This could indicate that whales are preparing for potential profit-taking or increased market activity,” wrote a CryptoQuant analyst.
Moral of the story: An XRP without Gensler is a free XRP.
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