XRP, the native token of the XRP Ledger (XRPL), has captured the spotlight with its impressive performance over the past month. Driven by macroeconomic factors and imminent ecosystem innovations, XRP has surged nearly fourfold in the last 30 days, reclaiming its position among the top three cryptocurrencies by market capitalization.
XRP Reaches Historic Market Cap
On Monday, XRP surpassed Tether (USDT) and Solana (SOL), achieving a six-year high market cap of $140 billion. This milestone not only reinstates XRP’s dominance but also marks its highest market cap ever, exceeding its $128 billion peak from 2018.
In few Hours $XRP Flips Solana and USDT To Take Back Third Spot and become world third largest crypto. pic.twitter.com/Udwsn5utZs
— TheCryptoBasic (@thecryptobasic) December 2, 2024
The surge was fueled by a staggering $50 billion market cap gain within just three days, as noted by crypto analyst Kyren. However, despite these advancements, XRP remains 58.6% shy of its all-time high price of $3.84, set in January 2018.
XRP gained $50B market cap in 3 days…
— Kyren (@noBScrypto) December 2, 2024
Wait until you see what $50B market cap does to:
– $RENDER ($90)
– $ICP ($99)
– $FET ($19)
– $NEAR ($40)
– $ONDO ($15)
– $AERO ($66)
– $IMX ($26)
– $BEAM ($0.85)
(And yes, this is "dilution" adjusted prices).
I believe all the coins…
On-Chain Metrics Signal Sustained Growth
XRP’s bullish momentum is reflected in its robust on-chain metrics. According to CoinMarketCap, XRP recorded a 24-hour trading volume of $28 billion, placing it fourth in the crypto ecosystem and third among non-stablecoin assets. XRP’s trading volume is rapidly closing in on Ethereum and Bitcoin, reinforcing its growing market influence.
Wallet activations on the XRPL have surged tenfold in three months, according to data from XRPScan. This highlights increasing user interest, with nearly 1,000 new users registering on the network every hour. Additionally, First Ledger, a key trading platform, processed $40 million in transactions within two days, underscoring XRPL’s escalating activity.
📣Number of wallet activations has jumped 10x over the last 3 months showing a strong interest in XRP. At the same time, price has moved up 4x. Due this this, we're voting to bring the account reserve down to 1 XRP and object reserve down to 0.2 XRP. pic.twitter.com/AhqdqqSuha
— XRPScan (@xrpscan) December 1, 2024
Derivatives Market Shows Explosive Growth
XRP’s rise has also ignited a surge in derivatives trading. Data from Coinglass reveals that 24-hour derivatives trading volume has skyrocketed by 138%, reaching $46.37 billion. Open interest—a critical indicator of market confidence—hit a lifetime high of $4.26 billion, signaling heightened trader appetite for leveraged positions.
Edoardo Farina, CEO of Alpha Lions Academy, believes this is just the beginning. Predicting XRP’s price to soar beyond $10, he cautions against selling at the psychological threshold, asserting the asset’s long-term potential.
The Road Ahead for XRP
XRP’s record-breaking market cap and escalating ecosystem activity reflect its renewed prominence in the cryptocurrency space. As market participants grow increasingly bullish, all eyes remain on whether XRP can reclaim its price all-time high and deliver on its expanding potential. With the current momentum, XRP is poised to remain a focal point in the evolving crypto landscape.
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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