Ripple’s XRP has made a historic comeback, reclaiming its position as the third-largest cryptocurrency by market capitalisation after four years of legal battles with the US Securities and Exchange Commission (SEC).
From Legal Woes to Market Recovery
In December 2020, XRP’s market cap plummeted following the SEC’s lawsuit accusing Ripple of conducting an unregistered securities offering. The coin’s value dropped from $0.50 to $0.17, erasing over $15 billion. Despite this, XRP remained resilient, maintaining a position within the top 10 cryptocurrencies.
Ripple’s legal victories in 2024 and the nearing resolution of the SEC lawsuit have reignited investor confidence. XRP saw a massive rally in November, coinciding with Donald Trump’s re-election, marking its return to prominence.
XRP Outpaces Rivals
XRP has overtaken major competitors, including Binance’s BNB and stablecoins like USDT and USDC, trailing only Bitcoin and Ether. Pro-XRP advocates have celebrated the milestone, with lawyer John Deaton remarking on its pre-2020 glory.
Despite this achievement, XRP’s market cap remains 219% behind Ethereum, sparking debates on whether it could eventually surpass ETH. Crypto analyst MMCrypto predicts this could occur if XRP’s price hits $7.75. Currently, XRP trades at $2.35, reflecting a 341% surge since November 1.
XRP More Popular Than “Crypto”
The coin’s resurgence has spurred significant online interest. Google Trends data shows searches for “XRP” have surpassed those for “crypto” multiple times in November. XRP-related searches even briefly outpaced those for Ethereum, though Bitcoin remains the most-searched cryptocurrency.
XRP’s impressive rally highlights its resilience and the strength of Ripple’s community amid adversity. While flipping Ethereum remains a distant goal, the cryptocurrency’s comeback has solidified its status as a major player in the digital asset space.
Investors and enthusiasts now watch closely as Ripple’s legal saga draws to a close, potentially paving the way for further growth.
