XRP, the cryptocurrency at the center of Ripple’s operations, recently reached a significant milestone, hitting $2.79, according to data from Coinmarketcap.
This represents the highest value XRP has seen in several years, placing the token just 20% below its price all-time high set nearly seven years ago.
XRP whale activity has also surged as data from CryptoQuant revealed a new all-time high for large transactions. This heightened activity has sparked interest in XRP, cementing its position as one of the most active tokens in the cryptocurrency market by trading volume.
Ripple CEO and Legal Team Comment on Market Trends
Ripple CEO Brad Garlinghouse responded to the recent rally with a brief but enthusiastic message to the XRP community on X.
gm XRP family
— Brad Garlinghouse (@bgarlinghouse) December 2, 2024
Earlier, Garlinghouse had expressed optimism about the regulatory landscape, stating that the departure of SEC Chair Gary Gensler could improve conditions for the cryptocurrency industry, saying it would make “all the boats rise.”
Stuart Alderoty, Ripple’s chief legal officer, also voiced his opinion on the regulatory impact, stating that the SEC’s actions had “artificially suppressed” cryptocurrency prices.
Ripple’s victory in its legal battle with the SEC has drawn commentary from notable figures in the crypto space. Solana co-founder Anatoly Yakovenko referred to Ripple’s win as “the fatal wound” in what he described as the SEC’s “lawfare” approach against cryptocurrencies.
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Community and Market Sentiment
XRP’s recent surge has reignited enthusiasm within its community. Members of the popular Reddit forum r/Ripple have speculated on the possibility of the token reaching $100. While such discussions reflect heightened optimism, they also resemble patterns observed during previous market peaks, including the 2017 bull run.
Historical trends offer context for this renewed excitement. During the early 2018 market surge, Ripple co-founder Chris Larsen was briefly listed among the world’s wealthiest individuals following XRP’s meteoric rise above $3. However, the subsequent bear market led to significant losses for the cryptocurrency, highlighting the risks inherent in such exuberance.
XRP’s Resilience Amid Regulatory Challenges
XRP has consistently ranked among the top five cryptocurrencies by market capitalization. However, its price sharply declined after the SEC filed a lawsuit against Ripple in December 2020.
At one point, XRP was on the verge of exiting the top 10 cryptocurrencies. Despite regulatory challenges, the token maintained the 7th position. Its recent recovery and surge toward record highs underscore the resilience and determination of its teeming community of members.
As XRP approaches its historic peak, it remains a focal point in discussions about regulatory reform and market potential.
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