In a stunning turn of events, the XRP price has ignited a phenomenal rally, soaring 28% over the Black Friday weekend to reach a six-year high of $2.50. This surge has catapulted XRP to the third-largest cryptocurrency by market capitalization, surpassing industry giants Solana and USDT. With a market cap nearing $136 billion, XRP’s 364% rally in November has set the stage for a potential new all-time high beyond $4.30.
A Turning Point for XRP
This dramatic breakout from years of consolidation marks a pivotal moment for XRP. Veteran trader Peter Brandt has identified a classic flag-and-pole pattern on a multi-year timeframe, further bolstering the bullish sentiment surrounding the cryptocurrency. XRP’s dominance extends beyond the altcoin space, outperforming even Ethereum, which has traditionally been a major player in the cryptocurrency market.
The XRP ETF Race Heats Up
The surge in XRP’s price has reignited interest in XRP-based investment products, particularly spot XRP ETFs. Three major firms—Bitwise, Canary, and 21Shares—have filed applications for spot XRP ETFs, aiming to capitalize on the growing demand for exposure to the third-largest cryptocurrency. Industry experts believe that additional issuers may join the race, further solidifying XRP’s position in the mainstream financial market.
There are currently 3 filings for ETFs holding what is now the 3rd largest crypto asset by market cap…
— Nate Geraci (@NateGeraci) December 2, 2024
Bitwise, Canary, & 21Shares have all filed for spot XRP ETFs.
Guessing addn’l issuers will jump in here.
A Look Back at XRP’s Dominance
Before the SEC lawsuit in 2020, XRP held the second spot behind Bitcoin, powering the XRP Ledger, a popular platform for instant cross-border settlements. However, the SEC’s classification of XRP as a security led to a significant decline in its price and market capitalization.
The Road Ahead for XRP
As the XRP price continues its upward trajectory, market analysts are cautiously optimistic about its future prospects. A favorable outcome in the ongoing SEC lawsuit could further propel XRP’s price and solidify its position as a major player in the cryptocurrency market. While the road ahead is uncertain, XRP’s recent resurgence has undoubtedly captured the attention of investors and traders worldwide.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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