XRP, the cryptocurrency tied to Ripple, has returned to the third-largest position by market capitalization, sparking significant interest within the crypto community.
Legal challenges situation
XRP dropped out of the top three in December 2020 when the U.S. Securities and Exchange Commission (SEC) sued Ripple, alleging it conducted an 'unregistered digital asset securities offering.' With Ripple securing multiple legal wins in 2024 and the lawsuit nearing resolution, XRP has surged.
Impact on XRP price
The lawsuit initially caused XRP’s price to plummet from $0.50 to $0.17, erasing over $15 billion in market value. Despite the decline, XRP remained within the top 10 cryptocurrencies, signaling its resilience. Its price saw a notable spike in November following Donald Trump’s victory in the U.S. presidential election.
Future prospects for XRP
In November, XRP gained further traction online, with Google searches for 'XRP' surpassing those for 'crypto' multiple times. According to Google Trends, XRP even briefly overtook Ether (ETH) in search popularity but has yet to surpass Bitcoin. To overtake Ether in market capitalization, XRP would need to rise significantly. Crypto trader Christopher Jaszczynski, known as MMCrypto, predicts, 'XRP will flip ETH when its price surges to $7.75.'
Despite challenges, XRP shows stability and potential for further growth, attracting interest from investors and the crypto community alike.
