XRP skyrockets by 86%, thanks to regulatory clarity
After idling dormant for the past couple of years, XRP has surged to over $1.10, reaching as high as $1.20 over the weekend.
Rising 20% within a single day, XRP is up 86% over the week and more than 100% throughout the month.
Furthermore, open interest in XRP futures reached an all-time high over the weekend, with over 2 billion tokens in active futures positions, reflecting a strong appetite for XRP volatility and suggesting further price moments are being anticipated.
XRP’s surge comes amid greater confidence in regulatory clarity following Donald Trump’s re-election.
Last week, Republican Attorney Generals from 18 US states filed a joint lawsuit against the Securities and Exchange Commission (SEC), its commissioners, and Chair Gary Gensler for the regulator’s handling of crypto.
The lawsuit claims the SEC overstepped its constitutional authority by pursuing aggressive regulatory actions against the crypto industry.
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During his presidential campaign, Trump pledged to fire Gensler on the first day of his presidency. “On day one, I will fire Gary Gensler,” Trump famously said. Although it’s questionable whether the president actually has the power to fire the SEC chair, the mere thought of a Gensler exit inspired palpable excitement.
But it seems Trump might not even need to pull the trigger. In a speech titled “Car Keys, Football, and Effective Administration” at the Practicing Law Institute and the 56th Annual Institute on Securities Regulation, Gensler teased his potential resignation in what seems to be a farewell message.
“It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world,” he said, closing off with, “I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance.”
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Additionally, XRP’s growth is also supported by the launch of Ripple Labs’ stablecoin, RLUSD.
“Customers and partners have been asking for high-quality stablecoins like RLUSD to use across various financial use cases, such as payments, tokenization of real-world assets, and decentralized finance” said Brad Garlinghouse, Ripple CEO.
“Our payment solutions will leverage RLUSD, XRP, and other digital assets to enable faster, more reliable, and cost-effective cross-border payments.”
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