XRP is on a record-breaking rally, cementing its spot as the third-largest cryptocurrency by market capitalization.
XRP’s market cap has soared to $150.18 billion, surpassing ride-hailing giant Uber at $150.07 billion and financial services leader Charles Schwab International at $148.49 billion.
This places XRP ahead of major companies like pharmaceutical giant Pfizer ($144.85 billion), banking leader Citigroup ($136.25 billion), and energy corporation ConocoPhillips ($137.18 billion), according to Stock Analysis, which ranks XRP 68th among S&P 500 stocks.
On Dec. 3, XRP's market capitalization briefly surpassed that of BlackRock, the world’s largest asset manager, which holds $158 billion in market capitalization.
XRP also leads its closest crypto competitors, stablecoin Tether ($135.1 billion) and Layer 1 blockchain Solana ($112 billion).
“XRP has flipped SOL in market cap. This was definitely not on my bingo card, but it shows how markets can sometimes react in totally unexpected ways,” wrote analysts from the Alpha Please newsletter. “The XRP army has shown us that they are stronger than we thought.”
Massive Rally Fueled by Market Optimism
XRP’s rally has been fueled by massive investor optimism, gaining 420% in the past 30 days. On Dec. 4, the token hit an intraday high of $2.64, up from $0.50 on Nov. 5. The all-time high for XRP was $3.40, recorded on Jan. 7, 2018. Comparatively, the current price is 22.68% lower.
A key factor behind XRP’s meteoric rise is Donald Trump’s victory in the 2024 U.S. presidential election. Trump has pledged to make America the global hub for crypto by creating a friendlier regulatory environment, including firing Securities and Exchange Commissioner (SEC) Chair Gary Gensler.
Under Gensler’s leadership, the SEC cracked down on the crypto industry, filing lawsuits against major exchanges like Binance, Coinbase, and Kraken for alleged violations of U.S. securities laws. In December 2020, the SEC sued Ripple Labs, claiming it raised over $1.3 billion through an unregistered securities offering of XRP.
Ripple contested the claim, arguing XRP functions as a digital currency, not a security. In a landmark July 2023 ruling, Judge Analisa Torres decided Ripple’s programmatic sales of XRP on public exchanges were not securities transactions. However, she ruled institutional XRP sales were securities offerings, prompting the SEC to appeal in October 2024.
The resignation of Gensler in November and Trump’s pro-crypto stance have fueled hopes in the crypto industry that Ripple Labs may see regulatory relief under the new administration.
Ripple Labs is also garnering attention amid plans to launch a stablecoin, RLUSD.
According to Fox Business , the New York Department of Financial Services is reviewing RLUSD for approval. If approved, Ripple could launch the stablecoin, potentially expanding XRP’s ecosystem.
Whales Fuel the Rally
With a $150 billion market cap, XRP now trails only Bitcoin and Ethereum among cryptocurrencies. Much of its momentum comes from whale activity, as large XRP holders drive trading dynamics.
Pseudonymous analyst Woominkyu noted that spikes in whale-to-exchange transactions often coincide with price peaks. Recent data showed whales transferring XRP to Binance as the token hit $2.30, signaling potential profit-taking.
“Whales tend to move large amounts of XRP to exchanges near local or cycle tops,” said Woominkyu. “This could indicate whales preparing for potential profit-taking or increased market activity.”
Ki Young Ju, CEO of CryptoQuant, an on-chain analytical firm, added , “Coinbase whales are driving this XRP rally. Over the past 30 days, Coinbase’s minute-level price premium ranged from 3% to 13% during the surge.”
Macro Experts See More Upside
Veteran trader Peter Brandt described XRP’s breakout as a “massive coil,” predicting strong bullish potential into 2025.
Meanwhile, Raoul Pal, CEO of Global Macro Investor, called XRP’s chart “good-looking” and placed it in the “banana zone,” indicating it is primed for a price rally.
