XRP Reaches $2.5, Enters Top Three by Market Capitalisation Amid High Leverage Concerns

On the morning of December 2, XRP’s price hit a seven-year high at $2.498, displacing the stablecoin USDT from the third position in market capitalisation ($136.2 billion). The day before, the asset surpassed Solana.

XRP’s daily growth reached 27.8%. Over the past 14 days, the asset has increased by 105.5%, and over the month — by 365.8%.

Besides the anticipation of a leadership change at the SEC and the potential end of the lawsuit against Ripple, optimism was bolstered by Christopher Giancarlo, a candidate for the role of “crypto czar.” He suggested that the agency might eventually withdraw the lawsuit.

Market participants are also hopeful for the expansion of crypto-ETFs to include XRP-related products. On November 1, 21Shares submitted a corresponding application to the Commission. WisdomTree will compete. Previously, proposals from Canary Capital and Bitwise were included in this list.

As a new driver, hopes have risen for the potential launch of the RLUSD stablecoin by the company as early as December 4. According to informed sources at FOX Business, the company has been notified by the NYDFS about the upcoming registration of the token.  

In August, justifying the initiative’s feasibility, Ripple referred to Bernstein analysts’ forecast of the segment’s market capitalisation growth to $2.8 trillion in the coming years.

CryptoQuant analysts warned of risks. The last time after a similar pump, the price experienced a 17% correction.

? $XRP is experiencing a Leverage-Driven Pump!

Open Interest is up 37% already—watch for volatility. The last similar event led to a -17% drawdown.

Stay sharp, manage risk accordingly.#XRP #Crypto #Ripple #Onchain #Futures pic.twitter.com/Femb2xQKDH

— Maartunn (@JA_Maartun) November 29, 2024

According to Coinglass, open interest in XRP futures soared to ~$3.99 billion. A week ago, the figure was $2.34 billion.

On November 29, XRP reached the fifth position by market capitalisation.

From November 17 to 23, cryptocurrency-based funds received $15 million — a third of the total amount since the beginning of the year.