XRP Loses Position as Third-Largest Crypto Amid Stablecoin Delay
Ripple officially announced the delay of its stablecoin, $RLUSD, on December 5. The company revealed the postponement via its social media platform, X, stating, “$RLUSD isn’t launching today.” The launch now awaits approval from the New York Department of Financial Services (NYDFS). XRP Price Drop and Market Impact Following the announcement, XRP’s price fell sharply. It dropped from $2.59 to $2.31 within 24 hours, according to CoinMarketCap. This decline resulted in XRP losing its spot as the third-largest cryptocurrency, falling behind Tether (USDT), which holds a market cap of $135.8 billion. Source: CoinMarketCap As of now, XRP’s market cap stands at $139.24 billion, reflecting a 8.30% decrease in the past day. XRP’s 24-hour trading volume also saw a significant drop. Related article: Ripple (XRP) Prepares for Potential Year-End Token Sell-Off in 2024 It fell to $27.55 billion, marking a 30% decrease compared to the previous day. Despite this setback, XRP still holds its position ahead of Solana (SOL) and Binance Coin (BNB), even as BNB reached an all-time high on December 4. Market Sentiment and Speculation Analysts point to panic selling as a possible reason for XRP’s decline. Glassnode data highlights increased selling pressure, with trading volumes falling from $32 billion to $16 billion on December 4. This cooling-off period may have contributed to XRP’s market cap drop and loss of ranking. Related article: XRP Transfers Spike: Whale Moves $156 Million in 8 Hours Stablecoins are seeing a surge, with a 24-hour trading volume of $317.13 billion. Ripple’s success with $RLUSD is crucial for enhancing its On-Demand Liquidity platform, which facilitates fast cross-border payments. A successful launch could potentially boost XRP prices. Bollinger Bands indicate reduced volatility, as the bands have narrowed. XRP recently tested resistance at $2.74, with support holding around $2.21. Traders now await a breakout or breakdown to signal XRP’s next major price move.
XRP Transfers Spike: Whale Moves $156 Million in 8 Hours
Prominent blockchain tracker Whale Alert identified two significant XRP transactions. One of these, involving 39,999,989 XRP valued at $103.18 million, went directly to Coinbase, the largest U.S. cryptocurrency exchange. The second transfer, totaling 19,999,989 XRP worth $52.97 million, moved between anonymous wallets. In total, these two transactions accounted for roughly 60 million XRP, equivalent to $156 million. XRP Price Rebounds After Sudden Drop XRP’s price recently experienced a volatile shift. Following a sharp 16% drop from $2.86 to $2.41, the coin rebounded by 10%, trading at $2.56. This recovery comes as XRP solidifies its position as the third-largest cryptocurrency on CoinMarketCap. Increased whale activity appears to be fueling this momentum. Related article: XRP Predicted to Double Its All-Time High Price Santiment data confirmed heightened whale activity earlier this week. Over the weekend, large investors amassed 160 million XRP, spending around $380 million. On Dec. 3, Whale Alert tracked six notable transactions totaling 273.4 million XRP. Among them were transfers of 100 million and 60 million XRP. These movements involved South Korean exchanges Bithumb and Upbit. Source: CoinMarketCap As XRP soared to $2.49, its highest level since January 2018, whales holding between 1 million and 10 million XRP accumulated 679.1 million coins, valued at $1.66 billion. Smaller investors also joined in, acquiring an additional 5.5 million XRP. Ripple Issues Scam Warning Amid Rising Market In light of XRP’s recent surge, Ripple issued a scam alert on Dec. 2. CEO Brad Garlinghouse released a video warning the community about fraudulent schemes. Scammers often promise double returns in exchange for XRP. Related article: XRP Sees Massive Growth After Forbes Criticized It as “Zombie” Token Garlinghouse emphasized that neither Ripple nor its executives, including CTO David Schwartz and President Monica Long, would ask for XRP in such a manner. Ripple’s message urged users to “stay aware and stay safe.” This proactive approach highlights the risks accompanying rapid market gains and encourages vigilance among investors.
Ripple (XRP) Prepares for Potential Year-End Token Sell-Off in 2024
Ripple is set to execute what could be its final XRP sale of the year, following a significant token unlock in December. On Sunday, the company allocated 200 million XRP from the 1 billion tokens unlocked this month, signaling readiness for a substantial sell-off. Ripple’s December Allocation Explained The 1 billion XRP unlocked this month was divided among three escrows from two Ripple-controlled accounts. Ripple (24) released 200 million and 300 million XRP, moving the smaller portion to Ripple (1), its treasury account. The 300 million tokens were locked back into an escrow set to mature in 2028. Separately, Ripple (25) unlocked 500 million XRP and relocked the entire amount under another escrow, Ripple (13). These activities continue Ripple’s practice of managing token circulation through controlled releases. How Much XRP Will Ripple Sell in December 2024? The 200 million XRP reserved in Ripple (1), valued at $528 million, has been identified for potential sale. While the token count is not Ripple’s largest, this sale would represent its highest USD value to date. Read Also: SHIB Burn Rate Soars: Massive 144,045% Spike Stuns Community In comparison, November’s XRP sell-off involved 470 million tokens, averaging $0.55 each and totaling $258 million. Ripple’s year-to-date token sales exceed 3 billion XRP, yielding significant profits in 2024. Notably, only four months this year saw sales of 200 million XRP, with additional tokens sold in other months. Ripple’s sales are typically executed through its On-Demand Liquidity (ODL) model, which involves selling tokens at market price to willing customers. While the model supports demand-driven transactions, it also impacts market liquidity by absorbing much of the buying pressure on exchanges. Impact on XRP Investors and Circulating Supply XRP holders are advised to monitor Ripple’s accounts for signs of token unlocks and sales. Each unlock increases XRP’s circulating supply, creating potential dilution unless matched by proportional market demand. As Ripple concludes 2024, the company’s sales strategy and its implications for XRP’s market dynamics will continue to draw attention from the crypto community.
XRP Sees Massive Growth After Forbes Criticized It as “Zombie” Token
XRP has witnessed a remarkable fivefold increase in market value since Forbes branded it a “zombie” and “good-for-nothing” token in a scathing report eight months ago. This growth has taken place after Forbes published an article dismissing the relevance of XRP and Ripple in the broader financial space. At the time of the report’s release in March, XRP’s market value was considerably lower, but it has since surged by over 400%. Forbes Criticized Ripple and XRP, Labeling Them “Zombie Projects” Forbes’ article focused on the challenges faced by cryptocurrency projects, particularly those with billion-dollar valuations like XRP. The publication questioned the future of XRP and Ripple, noting their limited progress in comparison to Bitcoin’s resurgence. Forbes highlighted Ripple’s original aim to create a transformative global financial standard for banks, but suggested that, a decade later, little progress had been made, with only limited pilot programs operating with central banks. The article also claimed Ripple’s leadership had created 100 billion XRP tokens, selling $1.4 billion to fund its plans. Despite Forbes’ harsh critique, XRP continued to hold a market capitalization of $36 billion at the time, making it the sixth most valuable cryptocurrency. However, Forbes downplayed the real-world utility of XRP, suggesting that its high trading volume was more a result of speculation than actual use. Forbes went further, categorizing XRP alongside other blockchain projects as “functional zombies” and dismissing their worth. Despite these strong negative assertions, Forbes’ attempts to draw attention away from these cryptocurrencies appeared to have the opposite effect, as investor interest only grew. Read Also: Shibarium Unveils Burn Contract in Latest Blockchain Upgrade XRP’s Price Soars Following Forbes’ Negative Report When Forbes published the article, XRP’s price was approximately $0.60, with a market cap of $36 billion. However, the price quickly fell by 37% in the months following the release. Yet, in a surprising turn, XRP has bounced back dramatically. Over the past few months, the cryptocurrency’s market cap has increased by over $120 billion. XRP’s price has soared to $2.86, marking a 450% increase in just 30 days. This rise in price has mirrored the success of 19 other tokens also criticized in Forbes’ report, all of which have seen significant gains. This has led to widespread criticism of Forbes, with many pointing out that its negative coverage did not impede the progress of these cryptocurrencies. XRP Defies Critics, Demonstrating Resilience and Growth The market’s rapid shift has drawn attention to the resilience of XRP, which has proven its critics wrong. XRP’s price has nearly increased ninefold since it was labeled a “giant con” by Jim Cramer in January of the previous year. As the market continues to grow, XRP’s impressive comeback serves as a testament to the cryptocurrency’s strength, despite negative narratives from the media and financial commentators.
Trump, SEC, and XRP”: New SEC Chair Announcement Expected Soon
Anticipation is building in cryptocurrency as reports suggest U.S. President-elect Donald Trump may announce his pick for the new SEC Chair soon. The announcement, which could occur tomorrow, is expected to follow Gary Gensler’s resignation as Chair of the U.S. Securities and Exchange Commission (SEC). According to journalist Eleanor Terrett, the timing of Gensler’s resignation aligns with Trump’s return to office. Gensler’s tenure has been criticized for strict enforcement against the crypto industry, which many claim hindered innovation. The SEC’s prolonged lawsuit against Ripple, which impacted XRP’s market stability, has been a focal point of this criticism. As speculation grows about Gensler’s successor, XRP has reached its highest value since 2018, reflecting renewed investor confidence. Potential Successors to Lead the SEC Under Trump Several candidates are being considered to replace Gensler as SEC Chair. Among the frontrunners is Christopher Giancarlo, a former CFTC Chair and strong blockchain advocate. Often called “CryptoDad,” Giancarlo is seen as a pro-crypto choice who may foster innovation. Brian Brooks, the former Acting Comptroller of the Currency, is another candidate noted for his progressive views on digital assets. Others on the shortlist include Daniel Gallagher, Robinhood’s Chief Legal Counsel; Brad Bondi, a prominent legal expert at Paul Hastings; Paul Atkins, a regulatory strategist; and Bob Stebbins, a former SEC General Counsel. Read Also: XRP Predicted to Double Its All-Time High Price Bondi has received significant support from crypto attorney John Deaton, while Ripple’s Chief Legal Officer, Stuart Alderoty, has voiced concerns about Stebbins. The crypto community is closely following the selection process, and it is optimistic about a more balanced regulatory approach. Crypto Industry and Market Reactions The potential for a crypto-friendly SEC Chair has sparked optimism across the cryptocurrency industry. XRP’s recent price surge indicates that market participants are hopeful for reduced regulatory hurdles and clearer guidance. Critics of Gensler’s leadership have argued that his enforcement-heavy approach to crypto regulation stifled market growth and innovation. The possibility of appointing a Chair who supports blockchain development is seen as a major opportunity to revitalize the industry. Speculation also surrounds rumours of Ripple CEO Brad Garlinghouse meeting with Trump. This could signal positive developments for Ripple and XRP under the new administration. XRP Community Awaits a Turning Point The announcement of a new SEC Chair, especially one with a crypto-positive outlook, is expected to significantly impact XRP and the broader cryptocurrency market. Investors are watching closely as dismissing the SEC’s lawsuit against Ripple could increase XRP’s value. The upcoming decision represents a critical moment for the U.S. crypto regulatory landscape. Under Trump’s leadership, selecting the right SEC Chair may pave the way for innovation and growth in the digital asset space.
XRP Predicted to Double Its All-Time High Price
XRP has continued to attract significant attention in the cryptocurrency market due to its record-breaking gains and rising institutional interest. In November 2024, XRP achieved a return of 297%, marking its highest performance since 2017. Analysts have projected ambitious price targets for the token, suggesting sustained confidence in its future growth. Recent institutional moves, such as WisdomTree’s filing for a spot XRP exchange-traded fund (ETF), have bolstered XRP’s momentum. This highlights a growing demand for regulated investment products tied to XRP. The expanding interest from institutional investors reflects an evolving market landscape, indicating potential opportunities for further growth. XRP Achieves Historic November Gains XRP recorded a monumental 297% monthly return in November 2024, setting a seven-year high at $1.95. This breakout above its 2021 peak has reinforced its bullish trend. Over the past 24 hours, a 14% surge has added to XRP’s gains, increasing market speculation. Analysts believe this momentum could push XRP to unprecedented price levels. Crypto trader Jacob Canfield has identified $6.60 as a potential target for XRP. Using Fibonacci extensions and historical comparisons to Bitcoin’s performance during prior market cycles, Canfield noted:“This price, which is double XRP’s previous all-time high of $3.40, is a logical and likely FOMO target.” Other analysts, such as Tony Edward of the Thinking Crypto podcast, have predicted a target range of $5 to $8 for XRP. Edward has also emphasized the importance of a cautious profit-taking approach. Crypto educator Neel has also highlighted retail interest, noting the growing participation of mainstream audiences in XRP’s recent rally. Read Also: Dogecoin Hits $62 Billion Market Cap: Can the Momentum Last Through December? Whale and Retail Investors Show Confidence in XRP On-chain data has revealed strong accumulation activity among XRP investors. Santiment reports that wallets holding between 1 million and 10 million XRP tokens have acquired 679.1 million XRP—worth approximately $1.6 billion—over the past three weeks. For the first time in the token’s history, the total number of non-empty XRP wallets has surpassed 5.5 million. This indicates heightened interest from both retail investors and large-scale holders, known as whales. Additionally, the XRP futures market has seen a dramatic increase in activity. Open interest (OI) reached a record $3.99 billion as of December 2, 2024, reflecting a 100% rise from November 28. The combination of increased spot accumulation, surging futures activity, and growing trading volumes underscores renewed confidence in XRP’s market potential. XRP’s Path to New Highs XRP’s recent performance has demonstrated strong market momentum and investor confidence. Analysts predict the cryptocurrency’s potential to double its previous all-time high, fueled by growing institutional interest and retail participation. With on-chain metrics and futures activity supporting the bullish trend, XRP appears poised for further growth, making it one to watch in the coming months.
Ripple’s Top Lawyer Criticizes SEC for Cryptocurrency Market Suppression
The U.S. Securities and Exchange Commission (SEC) has been accused of artificially suppressing the cryptocurrency market. Ripple’s Chief Legal Officer, Stuart Alderoty, strongly criticised the regulatory body’s actions. Read Also: 24-hour Price Analysis: Terra Classic (LUNC) Holds Ground Above $0.000127 as Buyers Regain Control. Ripple’s Legal Chief Blames SEC for Market Manipulation In a tweet, Alderoty claimed that the SEC has caused significant disruptions to the crypto market. He stated, “The only ‘efforts of others’ that truly moved crypto markets by causing massive and prolonged artificial suppression were those of the SEC.” The SEC’s lawsuit against Ripple, filed in December 2020, was cited as a prime example. The regulatory body accused Ripple of selling XRP without registering it as a security. Ripple Lawsuit and Broader SEC Actions The SEC, under Chair Gary Gensler, has targeted several crypto firms, including Coinbase and Binance. While Bitcoin is classified as a commodity, the SEC argues that most other tokens are unregistered securities. Gensler’s plan to step down in January has contributed to recent optimism in the cryptocurrency market. Tokens previously labelled unregistered securities, such as ADA and SOL, have also increased prices. XRP Sees Record-Breaking Inflows The XRP token has experienced significant growth alongside Alderoty’s remarks. A $100 billion rally propelled XRP to reclaim its spot as the third-largest cryptocurrency briefly. On Monday, XRP surged by 20%, reaching $2.50, a level not seen since January 2018. During this rally, XRP’s market value rose from under $30 billion on November 5 to $139 billion. As of now, XRP is the fourth-largest cryptocurrency, valued at $130.29 billion. Record Inflows and ETF Speculation Boost XRP According to a CoinShares report, recent inflows into XRP totalled $95 million, the highest recorded inflow for the token. Much of this excitement has been fueled by speculation about a potential U.S.-based XRP ETF. WisdomTree recently filed an S-1 with the SEC for an XRP spot ETF. Bitwise, 21Shares, and Canary submitted similar applications. These developments have contributed to the growing buzz around XRP. Ripple’s Stand Against SEC Sparks Optimism Ripple’s ongoing battle with the SEC has brought attention to regulatory challenges in the crypto space. Despite these obstacles, XRP has continued gaining momentum, which is supported by positive sentiment and growing institutional interest.
XRP Ledger to Power Reserve Bank of India’s Digital Rupee Initiative
A collaboration has been announced between the Reserve Bank of India (RBI) and Ripple Labs to advance the Digital Rupee initiative. The XRP Ledger (XRPL) by Ripple will be utilized for blockchain technology and cross-border transactions. This is expected to strengthen the regulation and security of India’s Central Bank Digital Currency (CBDC). Digital Rupee’s Journey and Purpose The Digital Rupee was launched by India’s finance minister in February 2020 as a tokenized version of the Indian Rupee. Issued by the RBI, the CBDC was designed for both wholesale and retail use cases. Initially, it has been aimed at financial institutions, with plans to extend its utility to consumer and business transactions. The XRP Ledger’s performance has consistently been recognized for seamlessly integrating with global financial systems. This has positioned it as a valuable partner for the Digital Rupee initiative. XRP Ledger to Streamline Cross-Border Transactions The XRP Ledger is known as a decentralized and public blockchain designed for fast and low-cost transactions. It is maintained by a global community of contributors. Its integration with the Digital Rupee is expected to simplify cross-border transactions, making them faster and more cost-effective. RBI plans to leverage the speed and scalability of the XRPL, which can process up to 1,500 transactions per second. These features ensure the virtual currency can handle diverse financial transactions. Additionally, the robust security measures of XRPL are expected to protect against fraud while maintaining the integrity of transactions. Milestones and Potential of the Digital Rupee XRPL’s compatibility with existing financial systems will allow it to integrate with India’s banking infrastructure seamlessly. The RBI anticipates that this partnership will reduce the time and cost associated with traditional banking methods, making digital transactions more efficient. Read Also: Shiba Inu Lead Disassociates from Shiro Neko Amid Partnership Announcement The enhanced transaction speed and security are expected to boost India’s economic activity. Remote and underserved communities will also benefit from improved financial inclusion. Transparency and regulatory compliance supported by the XRPL will further enhance trust in the system. This initiative will position India’s financial infrastructure at the forefront of the global digital currency landscape. Success of the Digital Rupee Pilots Data from RBI reveals that, as of June 2024, the retail CBDC pilot had over five million Digital Rupee users and 420,000 merchants. By the end of the previous year, the Digital Rupee had achieved a milestone of one million daily transactions. This progress demonstrates the growing adoption and potential of the Digital Rupee in transforming India’s economic landscape through Ripple’s XRP Ledger.
XRP Targets $2: Bullish Momentum Builds Amid Market Shift
XRP is steadily climbing toward the $2 mark, signaling strong intent to reach its long-awaited target. Despite a generally neutral crypto market, the token has broken out from its bearish flag pattern, igniting fresh bullish momentum. With Bitcoin’s dominance gradually declining, altcoins like XRP now have an opportunity to capitalize on this shift. Currently, XRP trades at $1.45, supported by rising investor confidence and increased trading activity. The recent breakout reflects changing market sentiment, drawing interest from traders anticipating further gains. However, trading volume remains somewhat muted, which could temper the pace of XRP’s rally. Related article: XRP Breakout Looms: Can It Sustain Momentum Above $1.50? Key Technical Levels Support Continued Gains From a technical perspective, XRP has reclaimed support above $1.40, establishing a strong base for its next upward move. Previously, the token encountered resistance at $1.70, which now stands as the next critical level to overcome. Source: CoinMarketCap A successful break above this level, especially with significant volume, could propel XRP toward the psychological $2 barrier. On the downside, the $1.20 support zone remains crucial. If bullish momentum falters, this level may face retests. Despite this, XRP’s outlook remains promising due to the rising popularity of altcoins amid Bitcoin’s waning influence. Cautious Optimism as Volume Holds the Key While market sentiment around XRP is improving, caution is still warranted. The token’s upward movement heavily depends on sustained trading volume and broader market dynamics. Related article: XRP Rebounds Strong: Will It Hit $1.50 Next? External factors could still influence price action, making it essential for investors to remain vigilant. A gradual climb toward $2 appears likely, though a sharp surge will require stronger trading activity to support the move. For now, XRP’s path remains upward, bolstered by a favorable environment for altcoins and growing market interest.
XRP Breakout Looms: Can It Sustain Momentum Above $1.50?
XRP has surged significantly in the ongoing cryptocurrency market rally. The token has already broken through key resistance levels of $1.20, $1.30, and $1.40. Now, it stands on the verge of surpassing a critical milestone at $1.50. Investor optimism and positive sentiment continue driving XRP’s price upward, despite lingering regulatory hurdles. Price Fluctuations Reflect Market Volatility Earlier this week, XRP briefly touched $1.62 before retreating due to market volatility. This correction brought the price down to $1.29, where it struggled to stay above the crucial $1.20 support level. Source: CoinMarketCap The volatility coincided with reports of U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s possible resignation, which briefly boosted XRP’s price. XRP’s rebound followed news of a strategic partnership between Ripple Labs and Archax. Related article: XRP Rebounds Strong: Will It Hit $1.50 Next? The collaboration aims to launch a tokenized money market fund, giving investors access to abrdn products through the XRP Ledger. This development reignited bullish momentum, with expectations that XRP could breach $1.50 and potentially test the $2 level if it holds steady. Growing Interest in XRP ETF Fuels Optimism Market sentiment around XRP remains positive. Open interest in XRP futures recently hit $2.6 billion, signaling growing investor enthusiasm. Speculation around a potential XRP exchange-traded fund (ETF) has further fueled optimism. WisdomTree became the latest asset manager to join the race for an XRP ETF, filing its application on November 25. Related article: XRP Price Hits $1.26 Amid Legal Uncertainty and Trump Presidency Hopes Other firms, including 21Shares, Canary Capital, and Bitwise, have also filed for similar products. Many investors expect a regulatory shift that could benefit Ripple Labs after January 20. Anticipation of reduced legal pressure has strengthened support for XRP, with many betting on sustained price gains. If XRP manages to hold above $1.50, it could pave the way for further upward movement, potentially testing new highs in the near future.
