XRP flips USDT as rally pushes market cap to all-time high
The post XRP flips USDT as rally pushes market cap to all-time high appeared on BitcoinEthereumNews.com.
This is a segment from the 0xResearch newsletter. To read full editions, subscribe. XRP’s stunning 380% rally in the past month has catapulted it into the crypto spotlight. It has not only flipped solana (SOL) in market capitalization, but also Tether (USDT) today. With a market cap already at all-time highs, and now a fully diluted valuation (FDV) twice that of SOL, XRP’s ascent reflects a mix of regulatory clarity, network adoption and speculative fervor. Political winds and market sentiment The conclusion of Ripple Labs’ protracted legal battle with the US SEC is one driver of XRP’s explosive growth. After years of uncertainty, the $125 million penalty imposed was far below the SEC’s initial $2 billion demand, removing a massive overhang on XRP and allowing institutional and retail investors to re-enter the market with confidence. The significance of XRP’s legal victory transcends its price action, according to attorney John E. Deaton. Deaton is a prominent advocate for XRP holders who sued the SEC over its 2020 enforcement action. He referred to the SEC’s claim that all XRP tokens were illegal, regardless of their use case or the circumstances under which they were acquired, unprecedented “gross overreach.” The US election has also played a role in XRP’s ascent. Trump’s victory has been interpreted as a signal not only for potentially more favorable cryptocurrency regulations, but also toward specifically favoring “homegrown” networks, initially launched by US companies. That’s helped drive bids in similar stars of prior cycles. Top performers (from the top 100) since the election (H/T Hsaka) There’s also a nostalgia factor, says Mena Theodorou, co-founder at crypto exchange Coinstash. “The resurgence of many of these older coins highlights the muscle memory of retail traders, who likely got their first exposure to the crypto markets through these coins and are now…
Filed under: News - @ December 2, 2024 6:22 pm