XRP Passes the $1 Mark, Flips Dogecoin to Become the World's Sixth-Largest Crypto Token

The XRP Ledger's native cryptocurrency, XRP, has passed the 1-dollar-mark, rejuvenating the XRP community that stuck with the altcoin through years of a downtrend triggered by a late 2020 lawsuit filed by the U.S. Securities and Exchange Commission (SEC).

The native cryptocurrency of the XRP Ledger, XRP, has passed the 1-dollar mark, a development that has brought joy to the XRP community, especially those who held on to the altcoin during years of a downtrend triggered by a late 2020 lawsuit filed by the U.S. Securities and Exchange Commission (SEC).

According to data from CoinGecko, XRP was trading at $1.13 as of late Sunday night, showing an increase of 4.5% in the last 24 hours. The token also went up by over 91% in the last seven days and is up by more than 84% so far in 2024, marking a significant comeback from when the digital currency was struggling to even be in the green.

$XRP Flips Dogecoin

The popular altcoin also reached another milestone on Sunday, flipping Dogecoin (DOGE) to become the world's sixth-largest crypto token by market cap.

DOGE is the largest memecoin in the crypto market and is currently valued at over $54.2 billion. XRP, on the other hand, went from being on the Top 7 of CoinGecko's ranks to reaching the Top 6 spot with a market cap of $63.8 billion as of late Sunday night.

$XRP's Claws Its Way Back to $1

XRP, whose holders have been hanging on to hope for better days in the lead-up to the U.S. elections, has had a difficult journey in the last four years.

Following the SEC's lawsuit in December 2020, XRP prices plunged, leaving the XRP army – holders who retained their holdings despite the downturn – in despair as Ripple, the world's largest holder of XRP that is closely associated with the XRP Ledger, defended its case.

The SEC accused Ripple and its executives of violating securities laws by selling XRP, which it designated as a security. Relief came last year, after a court found that XRP is not a security when sold through crypto exchanges.

Ripple CEO Brad Garlinghouse has said that the SEC's interference in the crypto industry hit XRP prices hard. “People forget, frankly, before the SEC got involved in the crypto markets, XRP was the second most valuable digital asset,” he said in a recent interview.

Ripple CEO: "Before the SEC got involved in crypto, $XRP was the 2nd most valuable digital asset." pic.twitter.com/ysCxY0YxJd

However, Ripple's woes continued as the SEC, under Chair Gary Gensler, pursued the case, filing an appeal to overturn some of the provisions of the 2023 court ruling.

Despite the continuing litigation, XRP and other cryptocurrencies experienced a surge after Donald Trump was elected as the 47th president of the U.S. and many pro-crypto candidates were elected into Congress.

XRP remains highly volatile like other crypto tokens, but the community believes the coin will continue to climb and possibly hit its record-highs or even return to its place as the world's second-largest cryptocurrency – only behind Bitcoin – as it was back in 2018.

"Future generations will see us who bought $XRP under $5 the same way we see baby boomers who bought houses for under $20k,” said prominent investor Armando Pantoja.

$XRP Community Celebrates Revitalization

XRP holders on X are going wild as they celebrate XRP's return to the $1 club.

One user noted how the digital token's chart is making "those who held through the storm look like geniuses today," while another said he hopes Monday will also bring news about Gensler's "official resignation."

Gensler, who has been a thorn in the side of XRP in the past four years, has yet to announce whether he will resign ahead of the end of his term, but the crypto community has been urging the SEC chief to do so before he gets "fired" by Trump.

Another XRP holder said he regrets not buying more in the past, but he also feels that "buying more now is still a smart move."

Meanwhile, aside from Trump's win and a pro-crypto Congress, recent interest around XRP has also helped pump prices. Hopes are high for the approval of XRP exchange-traded fund (ETF) applications, and talk about a pro-crypto chairman replacing Gensler has driven engagement among community members.