XRP, the digital asset associated with Ripple, has reclaimed its position as the third-largest cryptocurrency by market capitalization. The token achieved this milestone amid a substantial rally, surging over 28% and reaching a multi-year high of $2.48. This marks a significant turnaround for the cryptocurrency, which faced challenges following the SEC lawsuit against Ripple.
The rally has pushed XRP’s market capitalization to $139 billion, placing it ahead of major competitors like Tether (USDT) and Solana (SOL). This milestone coincides with David Schwartz, Ripple’s chief technology officer, celebrating his 12th anniversary with the company. Despite its impressive rise, XRP remains far behind Ethereum (ETH), the second-largest cryptocurrency with a market capitalization of $444 billion.
Also Read: Ripple’s XRP Soars to $1.70: What’s Next for the Price in December 2024?
XRP Outshines Industry Giants, Faces Competition from Hedera
XRP’s market cap is now greater than that of some established companies, including Citigroup, Airbus, and Sony. However, it is not the one that ranks highest amongst the top one hundred cryptocurrencies during this rally. Hedera (HBAR) posted a 42% gain in 24 hours, outpacing XRP’s 30% rise during the same period while leading in weekly gains with a 78% increase compared to XRP’s 69%.
Advertisement
Other altcoins, including EOS (EOS) and Litecoin (LTC), have also experienced notable increases, surging by 20.5% and 20.2%, respectively, reflecting heightened interest in established cryptocurrencies. This widespread rally demonstrates strong market confidence in alternative coins amid growing adoption.
This has been pointed out by Ripple’s CEO Brad Garlinghouse, who gave another possible booster to Ripple’s XRP token in this new year. Garlinghouse has recently made an interview with one of the earliest and most famous television shows, “60 Minutes.” The airing date is uncertain; however, focusing on Ripple, the show can bring more attention to it and its digital token.
Conclusion
Despite past legal challenges, XRP’s resurgence signals its resilience in the cryptocurrency market. With a growing market capitalization and renewed investor interest, the Ripple-affiliated token appears well-positioned for further advancements in the competitive cryptocurrency landscape.
Also Read: Ripple’s RLUSD Stablecoin Nears Mainnet Launch After NYDFS Approval
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.