XRP has reached a remarkable milestone, climbing to $2.64 with a market cap that now surpasses USDT, making it the third-largest cryptocurrency globally, trailing only Bitcoin and Ethereum. Ryan Lee, Chief Analyst at Bitget Research, provides an in-depth analysis of the factors driving XRP’s growth and offers insights into its future price potential.
XRP Becomes the Third-Largest Cryptocurrency
As of December 8th, 2024, XRP has achieved significant growth, positioning itself as a leader in the crypto market. With a market cap exceeding USDT, XRP now ranks just behind Bitcoin and Ethereum. Ryan Lee attributes this milestone to a combination of regulatory developments, Ripple’s business expansion, and technological advancements.
Regulatory Developments and Legal Impact on XRP
One of the primary drivers of XRP’s price surge is its legal battle with the U.S. Securities and Exchange Commission (SEC). Ryan Lee emphasizes that this case has been a double-edged sword for XRP, creating volatility but also providing opportunities for growth.
Recent speculation about the resignation of SEC Chair Gary Gensler has sparked optimism, as his departure could potentially ease regulatory scrutiny on XRP. Additionally, any favorable developments, such as a settlement or withdrawal of charges, are expected to further boost investor confidence and drive prices higher.
Ripple’s Business Growth and Its Impact on XRP
Ripple’s business activities have significantly influenced XRP’s value. The introduction of innovative products like the stablecoin RLUSD and partnerships with major financial institutions have heightened demand for XRP.
Ryan Lee highlights that Ripple’s ecosystem is closely tied to XRP, meaning the company’s growth directly benefits the token. Ripple’s success in establishing new use cases and integrating XRP into financial services has made it an increasingly attractive asset for investors.
Technological Adoption and Network Usage
XRP’s price rise is also attributed to the growing adoption of the XRP Ledger (XRPL) network. Increased transaction volumes and the launch of new features have created strong momentum for XRP.
The recent introduction of the XRP Token Launch platform has driven additional demand for the asset. Ryan Lee notes that the platform supports MEME coins on XRPL, which has boosted network activity and attracted new users. As more users engage in on-chain transactions, the demand for XRP continues to grow, further supporting its price.
Price Price Prediction: How High Can XRP Go Before 2025?
Based on current trends, Ryan Lee predicts that XRP’s upward trajectory will persist through December 2024. The token is expected to reach between $2.8 and $3.9, driven by:
- Regulatory clarity in the ongoing SEC case.
- Ripple’s expanding ecosystem, including new products like RLUSD.
- Increased network activity on XRPL, especially with the Token Launch platform.
Looking ahead to 2025, Lee suggests that XRP’s potential depends heavily on macroeconomic factors and the broader crypto market environment. However, the foundation laid in 2024 positions XRP for further growth.
