Ripple’s XRP Surges Over 40% as Regulatory Concerns Ease
Ripple’s XRP has recently surged to become the third-largest cryptocurrency by market cap, surpassing popular tokens like Solana, USDT, and Binance Coin. This growth comes at a time when Washington, DC is showing signs of adopting a more crypto-friendly stance.
In just 24 hours on Monday, XRP saw an impressive 40% increase, reaching $2.80 for the first time in seven years. This surge has attracted over $120 billion in new investments and brought XRP’s market cap to $156 billion, all following the election of crypto-friendly candidates back in November.
The spike in XRP’s price is happening as legal pressure on Ripple seems to be easing up. Securities and Exchange Commission chair Gary Gensler, who has been a major figure in the crypto industry, announced his resignation, leading to speculation that pending lawsuits, including the one against Ripple, could be dropped as Trump takes office.
Ripple has been embroiled in a legal battle with the SEC since 2020, accused of illegally raising money through the sale of XRP without proper security registration. However, recent developments suggest that the tide may be turning in Ripple’s favor.
Investors are also showing optimism towards Ripple products, with reports indicating that the company’s stablecoin RLUSD is nearing regulatory approval in New York, and there are rumors circulating about a potential XRP exchange-traded fund on the horizon.
While XRP’s recent surge may have been a slow start compared to other cryptocurrencies post-election, the coin is now breaking out of its earlier price range. With the broader crypto market growing significantly post-election, investors are hopeful that these gains will continue under Trump’s administration, which has promised to support cryptocurrencies and promote the US as a crypto-friendly hub.
Investors are eagerly anticipating further developments in the crypto space, as the potential for a strategic Bitcoin reserve and a dedicated White House role for cryptocurrency policy could pave the way for more growth and innovation in the industry. If you’re curious about diving into the world of crypto, consider exploring Fortune’s Crypto Crash Course for easy-to-read lessons in crypto.
