XRP Reclaims 3rd-Largest Cryptocurrency Spot After 4-Year SEC Battle

XRP Reclaims 3rd Place Among Cryptocurrencies After 4-Year SEC Battle

XRP, the cryptocurrency associated with Ripple, a prominent U.S. blockchain payments firm, has achieved a monumental milestone by returning as the third-largest cryptocurrency by market capitalization. This resurgence has ignited widespread discussions and excitement within the crypto community.

XRP’s journey to reclaim its position was far from smooth. In December 2020, it dropped out of the top three cryptocurrencies after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple. The SEC alleged that Ripple facilitated an “unregistered digital asset securities offering,” causing significant turmoil in the market.

Following the lawsuit, XRP’s value plummeted from approximately $0.50 to $0.17, erasing over $15 billion in market capitalization. For the next four years, XRP lingered in the seventh spot, lagging behind other major cryptocurrencies like Binance Coin (BNB), Solana (SOL), and stablecoins such as USD Coin (USDC) and Tether (USDT).

Ripple’s Legal Wins and XRP’s Recovery

Fast forward to 2024, Ripple secured several legal victories in its ongoing battle with the SEC. These wins significantly boosted investor confidence, sparking a massive rally for XRP in November. The rally coincided with a surge in optimism in the crypto market following Donald Trump’s victory in the U.S. presidential election.

XRP has now reclaimed its place as the third-largest cryptocurrency, trailing only Bitcoin (BTC) and Ether (ETH). Legal expert and XRP advocate John Deaton celebrated the milestone, noting on social media platform X, “This is how it looked before Dec. 22, 2020.”

Popularity Surges: XRP Beats Crypto in Google Searches

XRP’s comeback wasn’t limited to market performance; it also dominated online interest. According to Google Trends data, XRP-related searches spiked dramatically, surpassing generic “crypto” searches multiple times in November.

Notably, XRP searches also surpassed those for Ether early in November. However, while XRP has overtaken ETH in search interest, Bitcoin continues to hold the lead as the most-searched cryptocurrency.

The Road Ahead: Can XRP Flip ETH?

Despite its remarkable achievements, XRP still has a considerable gap to close before overtaking Ether as the second-largest cryptocurrency by market cap. Currently, ETH’s market value exceeds XRP’s by 219%.

Prominent crypto trader Christopher Jaszczynski, also known as MMCrypto, suggested that XRP could surpass ETH if its price reaches $7.75. However, this ambitious target requires sustained momentum and broader market support.

Conclusion

XRP’s resurgence as the third-largest cryptocurrency marks a significant chapter in its history, reflecting the resilience of both Ripple and its community. With legal challenges nearing resolution and renewed interest from investors and the public, XRP appears poised for continued growth. Whether it can challenge Ether’s position remains uncertain, but its recent accomplishments are undeniably noteworthy.