Ripple’s XRP has become the third largest cryptocurrency by market cap, surpassing popular tokens like Solana, USDT and Binance Coin, as a new era of crypto-friendly politics begins to take hold in Washington, DC.
On Monday, XRP surged a whopping 40% in 24 hours, reaching $2.80 for the first time in seven years. The coin has attracted more than $120 billion in new investments, reaching a market cap of $156 billion since Donald Trump and other crypto candidates won the election on November 5.
The surge in XRP’s price comes amid signs that the legal pressure Ripple has been under for years is easing. Most notably, Gary Gensler, chairman of the Securities and Exchange Commission—who has been the main antagonist of the crypto industry.announced his resignation and experts predict that the agencies will drop several lawsuits Trump is preparing to take office.
Among those lawsuits is a long-running SEC case against Ripple that is currently making its way through the appeals court after trial. gone away With Ripple in August, the SEC fined the company $2 billion less than originally requested. The SEC filed suit in 2020, accusing Ripple of illegally raising money by selling XRP as a security without registering it.
The rise in XRP prices also has investors betting on the future of Ripple products. the fox Business notify that the company’s long-standing stable cash, RLUSDIt is set to receive regulatory approval in New York as soon as December 4. Adding fuel to the bullish sentiment surrounding XRP is speculation that an XRP exchange-traded fund, like those already approved for Bitcoin and Ethereum, is just around the corner.
While Bitcoin and other cryptocurrencies surged in the immediate aftermath of the election, XRP lagged behind until recently. The currency remained flat all year, stuck between 40 cents and 60 cents before breaking earlier this month.
The broader crypto market has grown by $1.2 trillion since Election Day and investors expect those gains to continue next year as Trump makes good on his campaign promises. do it America “the crypto capital of the planet”. The president-elect has sponsored a strategic Bitcoin reserve and a crypto advisory board. He too as reported With that in mind, industry leaders hope that the creation of a White House role specifically dedicated to cryptocurrency policy would serve as a direct line to the president.
