The rise of XRP to a $140B altcoin is heavily influenced by the US political shift and notable development of the XRPL network.
After an impressive bullish breakout in November, Ripple Labs-backed XRP began the last month of 2024 on a bullish outlook. The veteran altcoin, focused on solving real-world financial issues, surged more than 280 percent in November, thus almost retesting its all-time high (ATH).
According to the latest market data, XRP price XRP $2.46 24h volatility: 1.7% Market cap: $147.86 B Vol. 24h: $4.62 B surged over 27 percent in the last 24 hours to trade above $2.4 on Monday, December 2, during the mid-London session. Consequently, XRP price rallied above the peak of 2021, signaling the bulls are in control.
The large-cap altcoin, with a fully diluted valuation of over $243 billion and daily average traded volume of about $34 billion, overtook Solana SOL $189.4 24h volatility: 0.2% Market cap: $103.49 B Vol. 24h: $7.75 B , Tether’s USDT USDT $1.00 24h volatility: 0.0% Market cap: $182.05 B Vol. 24h: $149.90 B , and Binance Coin BNB $1 076 24h volatility: 2.2% Market cap: $149.80 B Vol. 24h: $3.12 B to become the third largest cryptocurrency.
Major Factors that Influenced the XRP Price Rally
As Coinspeaker previously reported, XRP has significantly benefited from the resounding victory of pro-crypto US leaders led by President-elect Donald Trump. Furthermore, the ongoing SEC vs Ripple lawsuit has been a huge source of headwinds in the past three years.
With the expected changes in the US SEC, including the resignation of Gary Gensler, the Ripple community anticipates the imminent end of the ongoing legal battles.
Consequently, the demand for XRP by FOMO traders, including institutional investors, is expected to remain high in the near term. According to on-chain data analysis provided by Santiment, XRPL wallets holding between 1M and 10M XRPs added over 679 million units in the past three weeks.
🚀 XRP has skyrocketed to an astounding $2.49 market value for the first time since January 8, 2018. The 6-year (nearly 7-year) high comes as wallets with 1M-10M XRP have accumulated 679.1M tokens (currently worth $1.66B) in just 3 weeks. Also, total non-empty XRP wallets have… pic.twitter.com/bIsfOqdCQX
— Santiment (@santimentfeed) December 2, 2024
In the past 24 hours, on-chain data shows that several whales withdrew huge amounts of XRPs from different crypto exchanges led by Binance and Upbit. Meanwhile, Ripple unlocked 1 billion XRP from the escrow accounts but returned nearly 800 million units.
The notable rise of XRP is heavily influenced by the notable developments of the XRPL by Ripple’s core developers in line with the growing DeFi ecosystem. For instance, XRPL’s upcoming native stablecoin RLUSD is on the verge of being launched to bolster the company’s cross-border payment operations.
What’s Next?
For the first time in more than 80 months, XRP price has successfully broken out of a symmetrical triangular pattern in a bullish outlook. Following the heightened demand from whale investors and retail traders, the XRP/BTC pair is currently retesting a crucial resistance level, which could lead to the onset of a much stronger parabolic rally in the coming months.
— Peter Brandt (@PeterLBrandt) December 1, 2024
From a technical analysis standpoint, XRP price could be trapped in a short-term correction mode to cool down the heated leveraged market. Moreover, the weekly and monthly Relative Strength Indexes (RSI) have rallied above the 85% and 70% levels respectively for the first time in several years.
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