Kaia (kaia) 
XRP Surges to 6-Year High: What’s Fueling the Rally and Can it Surpass Ethereum?
XRP has been on a massive bullish wave, surging to a 6-year high of $2.71 on December 2, up from just $0.61 at the start of the year, reflecting nearly 350% gains for early 2024 investors.
This bullish momentum has led XRP to dethrone Tether as the third-largest crypto by market cap, with XRP currently sitting at a market cap of $154 billion compared to Tether’s $134 billion.
Ripple’s Recent Rally and its Impact
Ripple’s recent rally aligns with the election of Donald Trump as the 47th president of the U.S., the resignation of Gary Gensler as SEC chair, and a growing sense of optimism in the crypto community. Gensler’s departure marked the end of a regulatory era that many in the industry felt was overly combative, and Ripple, which has been embroiled in a long-standing legal battle with the SEC, seems to be emerging as a major beneficiary of this shifting dynamic.
XRP Price Action and Market Sentiment
According to data, XRP experienced $85.5 million in future contract liquidations in the past 24 hours, outpacing even Bitcoin’s nearly $73 million. Interestingly, about $55 million of these liquidations were shorts — bets that XRP’s price would fall.
Liquidations occur when traders betting on price movements (either up or down) can no longer maintain their positions due to market shifts, and the fact that so many short positions were wiped out indicates a strong bullish sentiment as prices rose dramatically, forcing these traders to exit their positions at a loss.
Ripple’s RLUSD Stablecoin Nears Launch
Ripple’s long-awaited stablecoin, RLUSD, appears to be on the verge of becoming a reality with reports suggesting that New York’s Department of Financial Services is close to granting its approval.
According to Fox Business, Ripple is preparing for a potential launch as early as December 4. If this happens, it will mark a crucial moment for the company, positioning RLUSD as a direct competitor to established stablecoins like USDC and USDT.
Whales, Wallets, and ETFs
Ripple’s resurgence isn’t confined to its soaring XRP price or the anticipated launch of its RLUSD stablecoin. A standout trend driving this momentum is the large accumulation of XRP by large investors.
According to Santiment, wallets holding between 1 million and 10 million XRP have amassed an additional 679.1 million tokens in just three weeks — a haul currently valued at $1.83 billion — hinting that traders are likely betting on further growth in XRP’s value or utility.
XRP Price Predictions: How High Could it Go?
XRP has been riding a strong bullish wave in the last few weeks, but the big question now is: where could the price go from here? While XRP is currently sitting at $2.68, it still trades about 30% below its all-time high of $3.84, achieved in January 2018.
Notable crypto analyst Dark Defender has identified a Fibonacci-based target of $5.85, marking it as a key level in XRP’s multi-wave price structure.
Similarly, analyst Javon Marks shares a bullish outlook, pointing out that XRP’s recent break above the $2.47 resistance level has set the stage for a climb toward $4.80.
Renowned trader Peter Brandt has offered a strikingly audacious projection, suggesting XRP could reach as high as $24 based on his technical analysis.
While these forecasts spark excitement, it’s crucial to approach them with caution. XRP’s recent rally has been powered by a mix of technical breakouts, whale accumulation, and positive sentiment, but the unpredictable nature of markets remains a key factor.
Macroeconomic challenges such as rising interest rates, economic uncertainty, or potential regulatory setbacks could temper market enthusiasm.
As always in crypto, investors should exercise caution, diversify their portfolios, and make decisions based on data and risk tolerance. The golden rule applies: never invest more than you can afford to lose.
Stay up-to-date with the latest news and trends in the world of cryptocurrency and blockchain by visiting Global Crypto News.
