XRP returns to 3rd-largest crypto after 4-year battle with SEC

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As a seasoned analyst with over two decades of experience in the financial markets and a keen interest in the cryptocurrency space, I find myself intrigued by the recent resurgence of XRP. Having witnessed the dot-com bubble burst, the 2008 global financial crisis, and now the rise and fall (and rise again) of Bitcoin and its brethren, I must say that the story of XRP is one that has captivated me more than most.

The digital currency known as XRP, created and distributed by the American company Ripple in the field of blockchain technology, has recently rebounded to claim the third-largest position among all cryptocurrencies based on market value, generating interest within the community.

In December 2020, XRP (XRP) fell out of the top three cryptocurrencies by market capitalization following a lawsuit filed by the U.S. Securities and Exchange Commission against Ripple. The charges alleged that Ripple had been facilitating an unregistered sale of digital asset securities.

As the SEC lawsuit approaches settlement and Ripple scoring multiple court wins throughout 2024, XRP experienced a significant surge, with an impressive increase in November following Donald Trump’s triumph in the U.S. presidential race.

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For quite some time, XRP has been playing catch-up with Tether’s USDt (USDT), Binance’s BNB (BNB), Solana (SOL), and Circle’s USD Coin (USDC) in the cryptocurrency market. However, it has recently moved up to become the third largest digital currency, trailing behind Bitcoin (BTC) and Ether (ETH).

“This is how it looked before Dec. 22, 2020,” pro-XRP lawyer John Deaton wrote on X.

Four years as the seventh-biggest coin

In my analysis as a financial analyst, I recall that back in December 2020, when the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, the price of Ripple dropped significantly from approximately $0.50 to $0.17. This sudden decline resulted in a staggering loss of over $15 billion in market value, as reported by Eleanor Terrett on her Fox Business post dated December 1, 2024.

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“While the price recovered, XRP spent the next four years at the #7 spot,” Terrett added.

“The fact that it never fell out of the top 10 said a lot,” one commentator noted.

XRP is now more popular than crypto: Google Trends

During the significant surge of XRP in November, this digital currency created quite a stir online. Searches about XRP on Google exceeded those related to “cryptocurrency” overall.

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Based on statistics from Google Trends, there were at least three instances in November where searches for “XRP” surpassed those for “cryptocurrency” on Google.

At this moment, it appears that users are searching for XRP much more frequently compared to cryptocurrencies in general.

Based on Google Trends analysis, XRP surpassed Ethereum in search volume around early November; however, the data indicates that XRP hasn’t managed to exceed Bitcoin’s search volume as of now.

Will XRP flip ETH?

Currently, when it comes to market capitalization, Ethereum is leading ahead of XRP by an impressive 219%, making it the second-biggest cryptocurrency a significant distance away from catching up.

As a researcher delving into the world of cryptocurrencies, I’ve come across an intriguing prediction from a well-known crypto trader, Christopher Jaszczynski, who goes by the handle MMCrypto on various social media platforms. He posits that if XRP’s price were to soar to $7.75, it could potentially overtake Ethereum in market value.

As I type this, XRP is being exchanged for approximately $2.35 per unit, representing a 24% increase in value over the last day. Since November 1st, its price has skyrocketed by an astounding 341%, which equates to around 280% yearly return.

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2024-12-02 13:08