XRP, the digital asset tied to Ripple’s blockchain payment solutions, has reclaimed its spot as the third-largest cryptocurrency by market capitalization. The milestone follows years of legal challenges and a resurgence in investor interest.
XRP Climbs Back to the Top 3
XRP fell out of the top three cryptocurrencies in December 2020 after the U.S. Securities and Exchange Commission (SEC) sued Ripple, accusing it of conducting an “unregistered securities offering.” The lawsuit significantly impacted XRP’s value, dropping its price from $0.50 to $0.17 and wiping out over $15 billion in market value.
Now, in 2024, XRP has climbed past competitors like Tether (USDT), Binance Coin (BNB), Solana (SOL), and Circle’s USD Coin (USDC) to become the third-largest cryptocurrency behind Bitcoin and Ethereum. The recovery coincides with Ripple’s legal victories against the SEC and growing optimism about the token’s future.
Legal Battles and Political Momentum
Ripple’s legal troubles appear to be nearing an end, with several rulings in the company’s favor throughout 2024. Market enthusiasm surged further after Donald Trump’s U.S. presidential election win, as his administration is expected to adopt more crypto-friendly policies.
Pro-XRP lawyer John Deaton highlighted the token’s remarkable journey, comparing its current status to its pre-lawsuit position in December 2020.
XRP’s Popularity Surpasses “Crypto” Online
XRP’s resurgence has also dominated online discussions. According to Google Trends, searches for “XRP” outpaced general searches for “crypto” multiple times in November. This surge in interest reflects the growing prominence of the digital asset among both investors and the broader public.
Summary Review: XRP has made an impressive comeback, reclaiming its position as the third-largest cryptocurrency. This achievement follows Ripple’s legal victories, political optimism, and a renewed surge in online interest. As the SEC lawsuit approaches resolution, XRP’s future looks brighter than ever.
Disclaimer: Nothing in this article, or any content from Web30 News, should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves risks, and investors should be aware that capital is at risk and returns are never guaranteed. Please conduct thorough research and consult with a qualified financial advisor before making any investment decision.
