Ripple’s cryptocurrency, XRP, now ranks as the third-largest digital asset by market capitalization. This achievement represents a significant recovery from a four-year legal battle with the United States Securities and Exchange Commission (SEC).
The problem for XRP began in December 2020, when the SEC accused Ripple of conducting an “unregistered digital asset securities offering.” The lawsuit reduced XRP’s market value from $0.50 to $0.17, wiping away more than $15 billion in capitalization. Despite the setback, XRP maintained its position among the top 10 cryptocurrencies, demonstrating the strength of its community and investor base.
In 2024, Ripple won several significant legal victories against the SEC, reigniting interest in XRP. The market’s reaction to Donald Trump’s presidential election victory and this momentum led to a significant surge in XRP’s price and market share. By November, XRP has surpassed stablecoins such as Tether (USDT), Binance’s BNB, Solana (SOL), and Circle’s USD Coin (USDC), putting it just behind Bitcoin (BTC) and Ethereum.
In addition to its revival, XRP’s online popularity increased. According to Google Trends, searches for “XRP” surpassed those for “crypto” many times in November. XRP momentarily eclipsed Ethereum in search popularity, but Bitcoin still leads in this indicator.
XRP is currently trading at $2.35, up 24% in just 24 hours. Since November 1st, the cryptocurrency has increased by a staggering 341%, generating annual profits of about 280%. Experts believe that if XRP’s price rises to $7.75, it may challenge Ethereum’s market capitalization.
XRP’s rebound implies not only a robust recovery but also the potential to dominate the future cryptocurrency ecosystem.
