XRP, the native cryptocurrency of Ripple, has reclaimed its position as the third-largest coin by market capitalisation after a four-year legal battle with the US Securities and Exchange Commission (SEC). The coin’s resurgence has sparked significant interest in the crypto community and beyond.
A Comeback Four Years in the Making
Top five coins by market capitalization as of Dec. 2. Source: CoinGecko
In December 2020, $XRP fell from its top-three position when the SEC accused Ripple of conducting an unregistered securities offering. The lawsuit caused XRP’s price to plummet from $0.50 to $0.17, wiping out over $15 billion in market value. For four years, $XRP remained the seventh-largest cryptocurrency, though it never dropped out of the top 10—a testament to its resilience.
Legal Triumphs and Market Surge
In 2024, Ripple secured several legal victories, reviving investor confidence. A significant boost came in November following Donald Trump’s US presidential victory. These events propelled XRP’s price to $2.35, a 341% surge since November 1, with annual returns of 280%.
“XRP” searches broke above “crypto” on Google. Source: Altcoin Daily
XRP’s rally has outshone broader crypto trends, with Google searches for “XRP” surpassing general searches for “crypto” multiple times in November. XRP also briefly surpassed Ethereum (ETH) in Google search interest but remains behind Bitcoin in this metric.
Can XRP Flip Ethereum?
XRP (XRP) price chart over the past year. Source: CoinGecko
Despite its massive growth, $XRP has a long way to go to overtake Ethereum as the second-largest cryptocurrency. At present, ETH’s market value exceeds XRP’s by 219%. Analysts suggest XRP would need to hit $7.75 to achieve this milestone.
XRP’s resurgence highlights its enduring appeal and the impact of legal clarity in the crypto market. Whether it can climb further remains to be seen, but its return to prominence is undeniable.
