XRP, the cryptocurrency created by Ripple, has reclaimed its position as the third-largest cryptocurrency by market capitalization. This marks a significant milestone after a four-year legal battle with the United States Securities and Exchange Commission (SEC). The SEC had accused Ripple of conducting an “unregistered digital asset securities offering” in December 2020, leading XRP to lose its top-three spot and drop in value from $0.50 to $0.17. Despite the setback, XRP never left the top 10 cryptocurrencies during this period.
Ripple’s legal wins in 2024 have renewed investor confidence, driving a massive price surge. In November, XRP spiked further following Donald Trump’s victory in the U.S. presidential election, which added to the excitement in the crypto market.
XRP’s recent growth pushed it past stablecoins like Tether (USDT) and Circle’s USD Coin (USDC), as well as Binance Coin (BNB) and Solana (SOL). It now sits behind only Bitcoin (BTC) and Ethereum (ETH) in the crypto rankings. As of December 2024, XRP is trading at $2.35, a 341% jump since the start of November. Annual returns for the coin stand at an impressive 280%.
The price rally is not the only area where XRP is gaining ground. According to Google Trends, searches for "XRP" have surpassed those for "crypto" multiple times in November. This highlights the growing public interest in XRP, which even briefly overtook Ethereum in search popularity earlier in the month.
While XRP’s rise is remarkable, it still has a long way to go before surpassing Ethereum as the second-largest cryptocurrency. Ethereum’s market cap is 219% higher than XRP’s, making it a steep climb. Some traders believe XRP could achieve this if its price hits $7.75.
The road ahead for XRP depends on market conditions and Ripple’s continued success in the legal and regulatory landscape. For now, its historic comeback as the third-largest cryptocurrency signaled strong community support and renewed optimism for the coin’s future.
