XRP Valued at $225 Million in Unexplained Transaction as Ripple Token Surpasses BNB and Reaches $1.76, Potential Target $5?

Ripple’s XRP token has recently surpassed BNB, positioning itself as the fourth-largest cryptocurrency, not including stablecoin Tether (USDT), as $225 million worth of XRP tokens are actively traded.

XRP reached a peak of $1.766 today as the holiday season rally gains momentum and bitcoin attempts another push towards $100,000. The high price of XRP today corresponds to a market capitalization of $100.78 billion, surpassing exchange coin BNB, which stands at $95 billion.

The Ripple liquidity token has since retraced some of its gains, settling at $1.70, yet remains in fourth place behind Solana, which has a market cap of $115 billion. In a significant 20% price fluctuation, XRP added over $10 billion to its market value within hours.

The XRP Army now has its sights set on Solana, which has a market capitalization of $119 billion.

Don’t open the door Solana! #XRP pic.twitter.com/NQbSUwTaZF

— JackTheRippler © (@RippleXrpie) November 29, 2024

The circulating supply market cap of XRP is at its highest level since 2018:

Legal victory for Ripple as US District Court of California may influence SEC case

Recent updates indicate that the class action lawsuit against Ripple, XRP, and Ripple CEO Brad Garlinghouse, currently being adjudicated in the US District Court of California, has seen the judge approve a motion to expedite the final ruling of the case, a decision viewed as favorable for Ripple.

This case is distinct from the Securities and Exchange Commission lawsuit, although both cases center on whether Ripple sold an unregistered security when it issued XRP. The outcome in California could have implications for the SEC lawsuit.

Garlinghouse rumored for Crypto Czar position

In other developments within the XRP community, there are whispers that Garlinghouse may be considered for the Crypto Czar position, leading the crypto policy group that the Trump administration might be forming. However, these remain unconfirmed rumors, despite claims circulating on X.

JUST IN: Donald Trump Reportedly Considering Ripple CEO Brad Garlinghouse for Crypto Czar Role
Get ready #XRP pic.twitter.com/GYGGY0xlHT

— Amonyx (@amonbuy) November 26, 2024

139 million XRP transferred – a potential indicator of a price surge?

In other Ripple-related news that may be contributing to buying pressure, Whales Alert has reported two significant whale transactions involving the transfer of 35,000,000 XRP ($58,286,649),

35,000,000 #XRP (58,286,649 USD) transferred from unknown wallet to unknown wallet https://t.co/bkWk2uPIej

— Whale Alert (@whale_alert) November 29, 2024

…and 104,392,571 XRP ($167,229,621)

104,392,571 #XRP (167,229,621 USD) transferred from unknown wallet to unknown new wallet https://t.co/jxusdRpArG

— Whale Alert (@whale_alert) November 29, 2024

In monetary terms, this totals XRP valued at over $225 million. The ownership of the wallets involved remains unclear, making it difficult to determine if they are all Ripple-controlled wallets, movements to or from exchanges, or belong to a non-corporate entity.

Regardless of the specific reasons behind these transactions, they reflect the cautious atmosphere in the XRP market as the token aims to reclaim its all-time high of $3.84.

Aside from those who purchased at the peak in January 2018, most XRP token holders are currently in profit, indicating that profit-taking may occur as prices rise from this point.

XRP trading volume surges, but more growth is anticipated in this crypto bull market

XRP trading volumes have surged to their highest levels since 2021, as illustrated in the chart below (weekly bars):

However, those who believe this crypto rally is losing momentum may be mistaken, as a chart compiled by Bloomberg, comparing the bitcoin return against the MarketVector Digital Assets 100 Small Cap Index, an index of altcoins, shows a normalized view as of November 29, 2019.

Another chart further clarifies the situation.

In crypto-enthusiastic South Korea, the disparity between the bitcoin price domestically and offshore – known as the Kimchi premium – has not entered the exaggerated premium range typically observed during euphoric trading periods.

This does not imply that all retail investment is inactive. On the contrary, the current activity is particularly vibrant among meme coins as we transition into altcoin season, with much of this trading occurring on decentralized exchanges.

The bitcoin Kimchi premium would not effectively capture the impact of meme coin trading, given its bitcoin-centric nature.

With the crypto market in robust condition, XRP appears to be on an upward trajectory. A near-term price target of $5 (potentially by Christmas) seems plausible, but Jack the Rippler encourages a vote for $100:

How many XRP holders truly believe that XRP can reach $100?
Hit the like button if you believe in $100 per #XRP! pic.twitter.com/sBGCQsgFAX

— JackTheRippler © (@RippleXrpie) November 27, 2024

While a $40 price target for XRP was previously considered extreme, a $100 target is entirely unprecedented. XRP reaching $100 would elevate its market cap to an astronomical $10 trillion. For context, the US national debt stands at $36 trillion.

You can acquire the tokens referenced in this article on Best Wallet – its native token $BEST is currently in presale.

For additional crypto selections to enhance your portfolio, explore the best crypto to buy now.

Disclaimer: This article is not investment advice and is intended for informational purposes only. Capital is at risk.

The post XRP Worth $225m in Mystery Move as Ripple Token Flips BNB And Price Soars to $1.76, Next Stop $5? appeared first on Cryptonews.