Not a typo! XRP price nears $3 after soaring 425% in a month

Once trading at a modest $0.50 on November 3 with a market cap of $28.56 billion, XRP has skyrocketed to $2.66 as of December 3, a jaw-dropping 429% surge in just one month, with its market cap swelling to an extraordinary $151.4 billion, as per Finbold market cap data.

This meteoric ascent has catapulted XRP to the third-largest cryptocurrency by market capitalization. It’s not just climbing—it’s dominating. Over the past week alone, XRP has gained an eye-popping 88.87%, with a 12.31% increase in the last 24 hours.

The token’s trading volume has also exploded, reaching $42.61 billion in the past 24 hours, up 30.37%. Outperforming both Bitcoin and Ethereum, XRP is comfortably trading above its 200-day simple moving average and has recorded 20 green days in the last 30—a 67% success rate.

XRP whale activity

The driving force behind XRP’s incredible rally is a confluence of factors, starting with unprecedented whale activity. On-chain data from CryptoQuant reveals that XRP whale transactions have hit record levels, indicating that major investors are making significant bets on the token’s future.

$XRP Whale Activity Hits All-Time High!

“#XRP whale activity is at an all-time high, indicating that XRP has now been embraced as a valuable asset by whales.” – By @theKriptolik

More details 👇https://t.co/OfKdPLUkn0 pic.twitter.com/bsukMB4vFP

— CryptoQuant.com (@cryptoquant_com) December 2, 2024

When whales move, the market listens—and this time, the message is loud and clear: XRP is being embraced as a core asset in the portfolios of high-net-worth investors.

Adding to the bullish sentiment, institutional interest has hit new highs. The $100 billion asset manager WisdomTree recently filed an S-1 application for a spot XRP ETF, a move that could open the floodgates for even more institutional capital. Such developments are fueling speculation that XRP’s utility is no longer just theoretical but a core component of the crypto industry’s future.

With XRP breaking past critical support at $2.37, the psychological $3.00 resistance level is now in sight. Analysts agree that clearing this milestone could trigger even more explosive gains, particularly as investor enthusiasm continues to swell.

You’ve got to admit, $XRP is a good looking chart. Last time it broke a long wedge pattern it rose another 5,600%! (obvs wont repeat but you get the point – i can go up a lot) Banana Zone Part 1 pic.twitter.com/MTs6fdJrT3

— Raoul Pal (@RaoulGMI) December 2, 2024

Ripple’s SEC Case

Behind the scenes, regulatory winds are also shifting in XRP’s favor. Former CFTC Chair Chris Giancarlo has suggested that the SEC may soon abandon its lawsuit against Ripple, marking what could be a pivotal moment for XRP.

Giancarlo’s comments align with broader optimism surrounding SEC Chair Gary Gensler’s impending resignation in January, a development that has emboldened the crypto market as a whole.

The Ripple case has long cast a shadow over XRP, but the tide appears to be turning. If the lawsuit is indeed dropped, it would not only clear the path for Ripple but also signal a potentially more accommodative regulatory environment for crypto in the United States.

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