XRP Price Surges 200% in 30 Days: The Reason Behind the Spike
Ripple (XRP) has been making waves in the cryptocurrency world, with prices hitting $1.63 USD or approximately IDR 25,754. This is the highest level we’ve seen since the spring of 2021. Currently, XRP is trading at around $1.61 USD or IDR 25,438, marking a 10% increase in just one day and a whopping 200% increase over the past month.
One of the key factors driving this surge is the recent news about Ripple’s stablecoin, RLUSD. There were reports that a user named X claimed that most of the RLUSD tokens had been burned, sparking excitement about the potential launch of the product. However, Ripple’s President, Monica Long, clarified that RLUSD will only be released after receiving regulatory approval from the NYDFS (New York Department of Financial Services).
Another piece of news that has caught the attention of the XRP community is the speculation surrounding the legal battle between Ripple and the US Securities and Exchange Commission (SEC). Recently, SEC Chairman Gary Gensler announced that he will be stepping down in January 2024. Gensler, who is known for his anti-crypto stance, has led to positive reactions within the XRP community in hopes that his successor will be more crypto-friendly.
There’s optimism in the air that the new SEC leader will be more open to crypto, potentially leading to a resolution in the Ripple case that has been ongoing for almost four years. Some experts, like US lawyer Jeremy Hogan, predict that the SEC could settle the case with a fine of $125 million USD (approximately Rp1.975 trillion).
Additionally, the submission of a new ETF proposal by Bitwise Asset Management has also added fuel to the fire. This ETF includes 10 different crypto assets, including Ripple, Bitcoin, and Ethereum, with XRP making up a 1.5% allocation. Historically, the launch of similar ETFs has driven up the prices of underlying assets, so if Bitwise’s proposal gets approved by the SEC, we could see another positive impact on XRP’s price.
