XRP Hit a New High After Critical Battles with SEC
XRP Surges to Levels Never Seen Before in Years Amid Legal Victories, ETF Hopes, and Regulatory Developments
XRP has seen a huge breakout, surging to a 6-year high of $2, just $1.4 short of its all-time high of $3.40. This tremendous rally comes as interest in the Ripple token grows, following a barrage of positive news from the cryptocurrency this week.
XRP’s current market dynamics highlight its growing importance in the cryptocurrency space, with a market cap of $120.92 billion, reflecting an 11.68% growth according to data from CoinMarketCap. This figure now puts it above Solana as the fourth-largest cryptocurrency by Market cap.
Additionally, over the past 24 hours, trading volume reached $13.28 billion, showing a notable increase of 32.93%, and demonstrating increased liquidity and investor activity.
XRP Massive Full Throttle Rally
XRP’s recent surge is nothing short of a turnaround following the struggles and challenges the token has faced over the past 4 years.
XRP rally began following the reelection of Donald Trump and the announcement that current SEC Chair Gary Gensler’s will be departing the agency in January following Trump’s inauguration.
For years, Ripple and the SEC have been in a long-standing legal battle that started in 2020, after the agency accused Ripple of raising $1.3 billion through the sale of XRP, which it viewed as an unregistered security. However, reports last week revealed that the SEC case against XRP will be dropped immediately upon Trump’s inauguration, fueling massive bullish sentiments about the token.
Additionally, the announcement of a future XRP ETF is generating excitement from the crypto market. Early September 2024, Bitwise Asset Management submitted the first-ever S-1 application for an XRP ETF to the U.S. Securities and Exchange Commission (SEC).
The proposed XRP ETF, if approved, would offer a regulated and easily accessible pathway for both institutional and retail investors to gain exposure to this prominent cryptocurrency. This development would provide a framework for widespread adoption and mainstream recognition for the token.
Further boosting the bullish sentiment were reports that the New York Department of Financial Services (NYDFS) is reportedly on the verge of approving Ripple’s new stablecoin, RLUSD has also contributed to the surge of the token. XRP, Ripple’s native token, would serve as a bridge currency to settle the transactions.
