Bitcoin is currently priced at $95,826 with -1.4% decrease from the last 24 hours, while Ethereum is at $3,643, up by -1.76% in the past 24 hours. The market's 24-hour long/short ratio in the futures market was almost balanced at 48.7% long versus 51.3% short positions. The Fear and Greed Index, which measures market sentiment, was at 80 yesterday and is at the Extreme Greed level at 76 today. The cryptocurrency market continues to push boundaries with XRP achieving a market cap of $150 billion to become the third-largest cryptocurrency. Ethereum investment products shattered records with $2.2 billion in annual inflows. Ripple’s RLUSD stablecoin is also on the brink of approval, adding momentum to XRP ’s rise. This is a defining moment for digital assets as major players gain traction and set new benchmarks.
What’s Trending in Crypto?
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MicroStrategy buys another 15,400 BTC at an average price of $95,976 per coin.
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U.S. government address transfers 19,800 BTC, approximately $1.92 billion and 10,000 BTC flowed into Coinbase.
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Crypto market spot trading volume in November reached $2.7 trillion, the highest since May 2021.
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WisdomTree Targets XRP with new ETF proposal.
Crypto Fear & Greed Index | Source: Alternative.me
Trending Tokens of the Day
Top 24-Hour Performers
Read More: Bitcoin Price Prediction 2024-25: Plan B Forecasts BTC at $1 Million by 2025
XRP Takes Third Place in Crypto with $150 Billion Market Cap
Top five coins by market capitalization as of Dec. 2. Source: CoinGecko
XRP ’s rise to $2.72 marks a new chapter in its journey. This price surge brought its market cap to $150 billion, overtaking Tether and Solana. The token's value soared past $2 on December 1, 2024, a feat achieved only once since January 2018. Analysts project that XRP’s momentum could push it toward $3.15 in the coming days.
Source: KuCoin
XRP has entered a new chapter in its journey, with its price surging to $2.72, bringing its market cap to $150 billion—surpassing Tether and Solana. This rise marks a significant milestone, as XRP's value exceeded $2 on December 1, 2024, a level not seen since January 2018. Over the past week, XRP has gained nearly 50%, with a 21% increase in just 24 hours. Analysts predict that its momentum could propel the token toward $3.15 in the coming days. In addition to the price surge, XRP derivatives saw a 30% spike in open interest, reaching $4 billion in a single day, while exchange inflows hit $256 million within three days.
Market activity indicates strong participation from whales and institutional players. However, CryptoQuant data warns that significant inflows to exchanges and leveraged positions could lead to corrections. Historical patterns suggest a potential 17% price decline under these conditions.
Source: CryptoQuant
XRP Price Prediction and Market Outlook
XRP’s trajectory suggests a strong push toward $3.15. Analysts cite several factors supporting this prediction:
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Bullish Sentiment: 66.5% of traders hold long positions on XRP.
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Price Action: Breakout above $2 indicates potential for continued upward momentum.
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Resistance Levels: Next targets at $3 and $3.15 based on historical price trends.
However, whales and institutions have moved $256 million of XRP to exchanges, signaling potential sell-offs. This could trigger temporary corrections, creating opportunities for disciplined investors to enter.
Ripple’s RLUSD Stablecoin Fuels Optimism
Ripple’s RLUSD stablecoin is at the center of XRP’s recent surge. Reports indicate that the New York Department of Financial Services may approve RLUSD by December 4. This stablecoin is part of Ripple’s strategy to revolutionize cross-border payments with faster, energy-efficient solutions.
Regulatory developments add to the optimism. SEC Chair Gary Gensler’s departure in January, coupled with the Trump administration's pro-crypto stance, raises the likelihood that the SEC will drop its appeal against Ripple. This could resolve a legal battle that has overshadowed XRP since 2020.
WisdomTree Targets XRP with New ETF Proposal
Source: X
WisdomTree has filed for the creation of the WisdomTree XRP Fund as the token’s value soars. The firm manages $77.2 billion in assets and operates 79 ETFs globally. WisdomTree’s move signals growing confidence in XRP’s market potential. If approved, this ETF could attract significant institutional investment, further solidifying XRP’s position.
Crypto ETF applications are increasing following Donald Trump’s election. Ripple’s ongoing success has renewed interest in XRP as a viable digital asset for institutional portfolios. WisdomTree’s proposal aligns with a broader industry push for crypto ETFs based on alternative tokens like Solana and HBAR.
Ethereum ETF Products Shatter Records with $634m Inflows
Ethereum-based investment products attracted $634 million in inflows last week, pushing annual inflows to $2.2 billion. This surpasses the $2 billion record set in 2021. Spot Ethereum ETFs in the U.S. led the charge, contributing $466.5 million in a single week despite the holiday slowdown.
“For the first time, Ethereum outpaced Bitcoin in inflows at these high levels. Ethereum’s performance reflects renewed investor interest, with a 47.15% monthly gain, nearing its ETF announcement peak of $4,095,” BRN analyst Valentin Fournier wrote.
“The global crypto market cap has risen by 72% since the U.S. election to $3.43 trillion, outpacing the growth of Bitcoin and Ethereum,” Fournier continued. “This suggests early signs of an alt-season.”
Ethereum By the Numbers
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Monthly Gain: Ethereum climbed 47.15% in November nearing its peak of $4,095.
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Spot ETF Inflows: $1.1 billion since the U.S. election.
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Total Assets Under Management: $11 billion across Ethereum-focused products.
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Inflow Comparison: Ethereum outpaced Bitcoin with $332.9 million vs. $320 million in recent weekly inflows.
Analysts highlight several catalysts for Ethereum’s rise, including improved demand-supply dynamics, staking yield approvals, and its leading role in the altcoin resurgence. Ethereum’s performance positions it as a key asset during this bullish phase.
Source: The Block
Conclusion
XRP’s rise to the third-largest cryptocurrency underscores its growing influence in the market. With a $150 billion market cap and price surging past $2.72, XRP is capitalizing on regulatory optimism and institutional interest. Ethereum’s record-breaking inflows further highlight the evolving crypto landscape. Ripple’s RLUSD stablecoin approval could provide additional momentum, reinforcing XRP’s position. As market dynamics evolve, heightened volatility is expected during the Christmas season.
Read more: December 2024 Token Unlocks Could Have a $5 Billion Impact on the Crypto Market
