XRP Surges To Third Place In Crypto Rankings: Ripple CTO Reacts
Ripple’s XRP has surged to become the third-largest cryptocurrency by market capitalization.
On Sunday, 1 December 2024, XRP experienced a blistering rally, surging by more than 28% and reaching a new multi-year high of $2.48. This surge propelled XRP past major competitors such as Tether (USDT) and Solana (SOL), securing its position as the third-largest cryptocurrency by market cap.
Ripple CEO Brad Garlinghouse recently participated in an interview with “60 Minutes,” one of the most prominent television programs in the US. Although there is no official air date for the interview yet, reported that its eventual broadcast could serve as another catalyst for XRP’s continued momentum.
This milestone coincides with Ripple’s Chief Technology Officer, David Schwartz, celebrating his 12th anniversary with the company.
I just officially hit 12 years at Ripple just as XRP moves into the number three position by market cap. Coincidence?
— David "JoelKatz" Schwartz (@JoelKatz)
XRP’s Meteoric Rise
With a current market capitalization of $139 billion, XRP now ranks ahead of some of the world’s largest corporations, including Citigroup, Airbus, and Sony. Despite this impressive performance, it still has a considerable gap to close if it aims to overtake Ethereum (ETH), which boasts a market cap of $444 billion.
Nonetheless, XRP’s resurgence is noteworthy, particularly after it nearly fell out of the top 10 cryptocurrencies following the SEC lawsuit against Ripple.
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Market Dynamics And Competition
While XRP’s recent gains are substantial, it is not the top performer among cryptocurrencies in the top 100. Hedera (HBAR) outpaced XRP with a staggering 42% gain within the same period. Additionally, other established altcoins like EOS (EOS) and Litecoin (LTC) have also seen significant increases of 20.5% and 20.2%, respectively.
In terms of weekly gains, XRP has also trailed behind HBAR, which recorded a 78% increase compared to XRP’s 69% rise. Despite this competition, it’s ascent to third place highlights its resilience and potential for further growth in the cryptocurrency market.
However, XRP faces several challenges on its path to sustained growth. The ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) remains a significant hurdle for Ripple. The outcome of this lawsuit could have far-reaching implications for both Ripple and the broader cryptocurrency industry.
Let’s Talk About Regulatory Optimism!
Ripple’s XRP, one of the leading cryptocurrencies by market capitalization.
It has experienced a notable increase in its value, nearing the $3 threshold. This surge is particularly significant given the broader context of regulatory challenges and market volatility that have characterized the crypto industry in recent years. Investors are increasingly hopeful that the newly elected US Congress will adopt a more favorable stance towards cryptocurrencies.
