XRP burning up the charts
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What’s up
Surging XRP Regains Third-Biggest-Coin Status
XRP spent the weekend sprinting from $1.50 toward the vicinity of $2.50, returning to its spot as the third-largest crypto on CoinGecko's ranking of digital assets based on market capitalization. A post-Thanksgiving runaway-train ride for the coin associated with Ripple reflects a growing sense the ledger technology company's legal troubles are near conclusion. At the same time, the future looks legitimately promising, with a regulated stablecoin reportedly possibly coming soon. XRP-related Google searches have exceeded even those including the term “crypto," per Google Trends data (Cointelegraph).
As recently as July, XRP slid to about $0.40. It never fell out of the Big Ten but the SEC's lawsuit against Ripple, filed in late 2020, cast a long shadow. XRP fell to as low as 17 cents and spent a good part of the past four years as the seventh-largest coin. XRP now has a market capitalization of $134 billion. It's actually tied with stablecoin Tether (USDT), creating an inconsequential, semantical hair-split issue in terms of describing XRP's status; when the dust settles, it'll either be third-largest crypto, ahead of USDT or the fourth-largest non-stablecoin on the widely followed CoinGecko chart. They are flipping one another back and forth, as XRP tried to remain $2.40 as of Monday at 9 a.m. (EST).
Meanwhile, Litecoin (LTC) and Hedera (HBAR) are having a sneaky-awesome Monday morning. Each of these coins have surged at least 20% since this time yesterday.
What's down
Hot Crypto Shows Tinge Of Red
XRP's flashy 24-hour surge (+24%) somewhat obscures the negative returns across the crypto realm today.
Total crypto assets are down 3% to $3.53 trillion. That was at about 8 a.m. (EST). Bitcoin was down 2% on the day, surrendering its $95K handle. Solana (SOL) lost 6%. Since recently reaching an all-time high of $263, SOL has shed 15%.
European stocks were lower. France's fragile government could be on the verge of splintering amidst a budgetary standoff. U.S. stock index futures were flat before the open. The S&P and Dow closed Friday at record highs.
What's next
Industry Counts Its Blessings
Some form of crypto legislation in the U.S. could come "fairly quickly," asserts Faryar Shirzad, Coinbase's chief of policy.
"We have the most pro-crypto Congress ever," Shirzad told CNBC last week at a gathering put on by Stand With Crypto, an advocacy group backed by the exchange giant. "We have an extraordinarily pro-crypto president coming into office."
That combination should "allow the 50 million Americans who own crypto to have their voice heard,” he added.
Crypto captains spent millions of fiat dollars to support pro-crypto political candidates. And so now the industry is banking on a dramatic shift in the regulatory tone, as are investors, as illustrated by XRP's off-to-the-races past week (+64%).
Former CFTC chair Chris Giancarlo told Fox Business that he has a hunch the SEC will ultimately wind up dropping its lawsuit against Ripple. Earlier today it was revealed WisdomTree has plans to launch an XRP ETF, joining a conga line.
Team Trump is still considering candidates to run the SEC. Current chair Gary Gensler will step down next month. Most of the names being floated are perceived as crypto chummy.
Even if hopes for an overtly pro-industry SEC does not precisely play out, Forbes said, "a tempering of the aggressive regulatory-by-enforcement approach taken under Gensler would represent a tailwind."
