XRP has made a remarkable resurgence in the cryptocurrency market, achieving multi-year highs and reclaiming its position as the third-largest cryptocurrency by market capitalization. With prices reaching levels not seen since 2018 and a surge in whale activity driving the momentum, the Ripple-affiliated token has captured widespread attention. Analysts note a combination of institutional interest, robust network growth, and significant wallet accumulation as key factors behind XRP's recent rally, while the broader market also shows signs of renewed interest in established altcoins.
Ripple CTO Celebrates 12 Years at the Helm
David Schwartz, the Chief Technology Officer of Ripple, celebrated a significant milestone as XRP reached a pivotal moment in its history. Schwartz, who officially marked 12 years at Ripple, saw the cryptocurrency he helped pioneer climb to third place by market capitalization, overtaking major players like Tether (USDT) and Solana (SOL).
This achievement comes as XRP’s blistering rally continued on Sunday, with the cryptocurrency surging by over 28% in just 24 hours. The token’s price skyrocketed to a new multi-year high of $2.48, a monumental feat for the Ripple-affiliated digital asset.
The ascent to the third spot is a significant comeback story for XRP, which had faced the threat of being pushed out of the top 10 cryptocurrencies following the US Securities and Exchange Commission’s (SEC) lawsuit against Ripple. The regulatory turmoil had cast a long shadow over XRP’s future, but the latest surge has reinvigorated investor confidence.
With a market capitalization of $139 billion, XRP now surpasses major global corporations like Citigroup, Airbus, and Sony. However, it still trails Ethereum (ETH), which maintains a formidable market cap of $444 billion, solidifying its position as the second-largest cryptocurrency after Bitcoin (BTC).
While XRP’s 30% daily gain is impressive, it was not the best-performing cryptocurrency among the top 100. Hedera (HBAR) outshined XRP with an eye-popping 42% gain within the same timeframe. HBAR also eclipsed XRP’s weekly performance, boasting a 78% increase compared to XRP’s 69%.
The market’s bullish sentiment extended to other legacy altcoins as well. Litecoin (LTC) and EOS (EOS) posted notable gains of 20.2% and 20.5%, respectively, as traders diversified into time-tested assets alongside their interest in XRP.
XRP may have more fuel for its ongoing rally. Ripple CEO Brad Garlinghouse recently confirmed he had recorded an interview with 60 Minutes, one of the most influential television news programs in the United States. While the air date for the interview remains unconfirmed, its eventual release could serve as a major catalyst for XRP’s continued growth.
The interview is expected to spotlight Ripple’s regulatory battle with the SEC, XRP’s recent resurgence, and broader discussions on cryptocurrency’s future in the financial ecosystem. Given 60 Minutes’ reputation for shaping public opinion, the coverage could attract renewed mainstream attention to XRP and the cryptocurrency industry at large.
What Lies Ahead for XRP?
XRP’s remarkable climb to the third spot signals a resurgence for the cryptocurrency after years of uncertainty. While the token’s recent price surge and market cap position are undoubtedly impressive, surpassing Ethereum remains a distant goal. The gap between Ethereum’s $444 billion market cap and XRP’s $139 billion is vast, requiring sustained momentum and possibly groundbreaking developments for XRP to close the gap.
Despite these challenges, XRP’s latest rally shows its enduring relevance in the cryptocurrency market. With a loyal community, significant institutional partnerships, and upcoming media exposure, the Ripple-affiliated cryptocurrency appears poised to remain a central player in the digital asset ecosystem.
For now, all eyes remain on XRP’s price movements and the impact of Ripple’s ongoing legal and media strategies. Whether it can sustain its upward trajectory or face a pullback will depend on a combination of market dynamics, regulatory clarity, and broader adoption trends.
XRP Hits Near-Seven-Year High as Whale Activity Reaches Unprecedented Levels
XRP’s rapid growth has brought the crypto back into the spotlight, with analysts noting that its current trajectory mirrors the momentum it had during its peak years. The cryptocurrency’s resurgence is fueled by a mix of institutional and retail interest, with large holders, or “whales,” playing a pivotal role.
On-chain analytics firm CryptoQuant revealed that whale activity for XRP has reached unprecedented levels. "Since its launch, XRP has never captured the attention of whales to this extent," the platform noted, emphasizing that current activity represents an all-time high for the cryptocurrency.
Supporting this analysis, Santiment, another blockchain analytics provider, reported that wallets holding between 1 million and 10 million XRP have accumulated a staggering 679.1 million tokens—worth $1.66 billion—in the past three weeks. Additionally, Santiment highlighted that XRP whales purchased an extra 160 million tokens over the weekend, amounting to approximately $380 million in value.
This surge in accumulation is complemented by robust network growth. Over 22,000 new wallets were created on the XRP Ledger on Sunday alone, bringing the total number of non-empty XRP wallets to over 5.5 million—a first in the cryptocurrency’s eight-year history.
Ki Young Ju, CEO of CryptoQuant, pointed to Coinbase as a potential driving force behind XRP’s meteoric rise. Over the last 30 days, the price premium for XRP on Coinbase has fluctuated between 3% and 13%, suggesting significant whale activity on the US-based exchange. This trend suggests there is a growing interest from US investors despite ongoing regulatory uncertainty surrounding XRP.
Interestingly, Upbit, a Korean exchange known for its substantial XRP investor base, showed no significant price premium during the same period. This disparity highlights the regional dynamics in XRP’s current rally, with Western markets seemingly leading the charge.
Beyond whale activity, XRP’s network utility appears to be gaining traction. Santiment noted strong growth across multiple altcoin blockchains, with XRP standing out for its vibrant ledger activity. The creation of thousands of new wallets indicates increased retail and institutional interest in the cryptocurrency.
Analysts have pointed out that while the short-term impact of this activity may result in price volatility, the long-term implications are promising. Growing utility on the XRP Ledger signals broader adoption and reinforces the cryptocurrency’s relevance in the market.
Can XRP Sustain Its Momentum?
Despite its impressive rally, XRP faces hurdles. Achieving the $3 mark would be a symbolic victory, but sustaining such levels amid increased retail engagement and potential profit-taking remains uncertain. Furthermore, regulatory challenges, particularly in the US, continue to loom over Ripple and its native token.
Nevertheless, the ongoing accumulation by whales and the surge in network activity offer a solid foundation for XRP’s long-term growth. If the momentum continues, XRP could further solidify its position as a leading cryptocurrency, potentially narrowing the gap with Ethereum (ETH), which boasts a significantly larger market cap of over $444 billion.
XRP’s near-seven-year high and record-breaking whale activity signal a remarkable comeback for the cryptocurrency. With substantial gains over the past month and robust network growth, XRP is poised for an exciting future. However, whether it can sustain its meteoric rise and overcome challenges will depend on a confluence of market dynamics, regulatory clarity, and continued utility growth on the XRP Ledger.
As the crypto world watches closely, XRP’s next moves could redefine its role in the digital asset ecosystem.
