XRP reclaims its position as the third-largest cryptocurrency, surpassing USDT and Solana, with a massive 3x rally in November.
Attorney John Deaton and the 75,000-strong XRP Army played a pivotal role in challenging the SEC's inconsistencies, fueling XRP's resurgence.
XRP price is back in action, recently after hitting $2 it surpassed USDT to become the third-largest cryptocurrency by market cap flipping Tether and Solana. This marks a major milestone, bringing XRP back to where it was before Rippleโs legal battle with the SEC.
Fox Business journalist Eleanor Terrett recently highlighted XRP’s challenges, noting it was once the second-largest cryptocurrency before the SEC’s 2018 Hinman speech. The speech classified Bitcoin and Ethereum as non-securities, causing XRP to lose its position to Ethereum by November 2018 due to regulatory uncertainty. Documents from the Ripple case, known as the โHinman emails,โ revealed internal SEC disagreements about the speech’s impact on other cryptocurrencies.
Six years later, XRPโs regulatory status remains unclear, fueling ongoing debates on how cryptocurrencies should be classified.
John Deaton’s Legal Battle for XRP’s Fairness
Attorney John Deaton has been a key figure in XRPโs legal journey. Reflecting on his battle against the SEC, Deaton revealed that his initial XRP holdings were modest compared to his investments in Bitcoin and Ethereum. However, the SECโs claim that all XRP transactions were illegal motivated him to step up and defend not just Ripple but also XRPโs global users.
Deaton highlighted key inconsistencies in the SECโs actions. In 2014, the U.S. Government Accountability Office classified XRP as a virtual currency. In 2015, FinCEN declared XRP a currency and set compliance rules for Ripple. By 2019, Coinbase listed XRP after thorough legal reviews, and MoneyGram publicly disclosed using XRP in its business. Despite these validations, the SEC filed its lawsuit in December 2020, calling XRP an unregistered security and sending shockwaves through the crypto world.
But itโs not just Deaton who supported XRP, the 75000 XRP army also made it possible and stayed strong in all phases of XRP. Many investors have doubled their holdings just to show their confidence in XRP.
Amid the ongoing Ripple vs SEC battle, uncover whatโs next for XRPโread XRP price prediction and see why analysts are bullish!
XRP Price Surge
XRP closed November with a whopping 3x rally, hitting a seven-year high. The crypto remained resilient despite releasing 1 billion tokens, which might concern newcomers unfamiliar with XRPโs tokenomics. After yesterdayโs 2.4% dip, XRP has seen a 29% surge today and is currently trading at $2.44.
As the new month begins, market watchers are eager to see how XRP performs amid increased trading volumes, suggesting the continuation of its recent momentum. Analysts are hopeful that XRP will see a massive jump in January after Gary Gensler steps down.ย
FAQs
XRP’s rally is fueled by legal updates, reduced regulatory uncertainty, and bullish technical breakouts driving a 3x gain in November.
The Ripple vs SEC case has impacted XRP by creating legal uncertainty, but recent progress boosts investor confidence and price growth.
XRP might reach a high of $2.49 or an average of $1.73.