Ripple’s XRP surges more than 40% as regulatory pressures ease
Ripple’s XRP has now risen to become the third-largest cryptocurrency by market cap, surpassing well-known tokens such as Solana, USDT, and Binance Coin, as a new era of crypto-friendly policy takes shape in Washington, D.C.
On Monday, XRP saw a remarkable 40% increase in just 24 hours, hitting $2.80 for the first time in seven years. The cryptocurrency has attracted over $120 billion in fresh investments, pushing its market cap to $156 billion since Donald Trump and other crypto-friendly candidates secured victory on Nov. 5.
This surge in XRP’s value comes as signs emerge that the legal pressures Ripple has faced for years may soon ease up. Particularly noteworthy, Securities and Exchange Commission chair Gary Gensler, who has been a major antagonist for the crypto industry, announced his resignation, leading analysts to predict that the agency may drop several lawsuits as Trump prepares to assume office.
Among these suits is the prolonged SEC case against Ripple, currently in the appeals court after a judge ruled in favor of Ripple in August, imposing a $2 billion fine—$2 billion less than the SEC had initially demanded. The SEC initiated this lawsuit in 2020, alleging that Ripple unlawfully raised funds by selling XRP without registering it as a security.
The recent surge in XRP’s value also stems from investor optimism regarding Ripple’s forthcoming products. Fox Business reported that the company’s long-awaited stablecoin, RLUSD, is on track for regulatory approval in New York by Dec. 4. Additionally, speculation surrounds the potential approval of an XRP exchange-traded fund, similar to those already in place for Bitcoin and Ethereum.
While Bitcoin and other cryptocurrencies experienced rapid growth following the election, XRP had lagged behind until recently. The currency remained stagnant throughout the year, fluctuating between 40 cents and 60 cents before experiencing a breakthrough earlier this month.
Since Election Day, the broader crypto market has seen a $1.2 trillion increase, with investors anticipating further gains into the next year as Trump fulfills his promises to establish America as the “crypto capital of the planet.” The President-elect has expressed support for a strategic Bitcoin reserve, a crypto advisory council, and is reportedly contemplating the creation of a White House position focused on cryptocurrency policy.
Source link
#Ripples #XRP #soars #regulatory #headwinds
