bullish

Solana

Rally

<p>In a surprising twist of events, Ripple Labs-backed XRP has overtaken Solana (SOL) and Tether USDT on the same day to become the third largest cryptocurrency by market capitalization. The large-cap altcoin surged over 25 percent in the last 24 hours to trade about $2.4 on Monday, December 2, during the early Asian session.</p>   
<p>The utility-based altcoin, with a market cap of about $140 billion and a fully diluted valuation of over $240 billion, registered a 45 percent surge in daily average traded volume to about $23 billion at the time of this report.</p>   
<h2 class="wp-block-heading" id="h-why-is-xrp-going-up">Why Is XRP Going Up</h2>   
<p>As Coinpedia previously noted, XRP price has significantly benefited from the election of pro-crypto leaders in the United States, led by President-elect Donald Trump. The long-standing legal hurdles emanating from the<a href="https://coinpedia.org/news/ripple-vs-sec-legal-experts-debate-xrps-price-impact-amid-upcoming-appeals-brief/" target="_blank" rel="noreferrer noopener"> US SEC charges are likely to be dropped</a> once a new SEC chair is confirmed early next year.</p>   
<p>The notable rise of XRP in the past 24 hours is partly attributed to the heavy liquidation of short traders. According to data from Coinglass, XRP’s leveraged market-led in liquidations during the past 24 hours of more than $50 million, with over $36 million involving short traders. Consequently, the odds of a short squeeze have significantly increased the ongoing XRP’s bullish outlook.</p>   
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<p>In the last 24 hours, on-chain data shows a heightened activity of whale traders, led by Ripple. For instance, Ripple unlocked 1 billion XRP units from the escrow account and locked back over 800 million units.</p>   
<p>Meanwhile, several transactions involved whale investors withdrawing huge amounts of XRP from different exchanges led by <a href="https://x.com/whale_alert/status/1863382339834778058?s=46" target="_blank" rel="noreferrer noopener nofollow">Upbit</a> and <a href="https://x.com/whale_alert/status/1863387819705540647?s=46" target="_blank" rel="noreferrer noopener nofollow">Binance</a>.</p>   
<h2 class="wp-block-heading" id="h-what-next-for-xrp-price">What Next For XRP Price?</h2>   
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<p>Following a 280 percent surge in November, XRP price has officially broken out of a multi-year triangular consolidation. The veteran altcoin is now on the verge of retesting its all-time high (ATH), which was set in 2018 after surpassing its 2021 bull cycle peak.</p>   [post_titles_links postid="387811"]   
<p>From a <a href="https://coinpedia.org/price-analysis/ripple-xrp-price-analysis-dec-02nd-2024/" target="_blank" rel="noreferrer noopener">technical analysis standpoint</a>, XRP price has entered its much anticipated parabolic phase, which could yield further gains in the coming months. Already, the weekly <a href="https://coinpedia.org/traders/what-is-relative-strength-index-rsi/" target="_blank" rel="noreferrer noopener">Relative Strength Index</a> (RSI) has surged above the 85 percent level for the first time since 2021, signaling the bulls are in control.</p>   
<p>However, XRP traders should be cautious of a potential correction following a massive bullish breakout before continuing with the upside trend.</p>

XRP Becomes Third Largest Crypto, Surpassing Solana and Tether Amid 25% Rally

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