XRP, the cryptocurrency of the blockchain company Ripple, has become the latest cryptocurrency to break out in the wild crypto market. On Sunday, its market value touched $1.2 apiece, a record for the token in the past three years. Although the token’s value is still far behind its all-time high of $3.84, achieved in 2018, analysts are predicting a massive upside to this token.
XRP Price Surge: Key Highlights
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XRP is trading at its 3-year-high
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The token doubled its value over the last 7 days
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Its market cap reached almost $66 billion
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It is now the sixth-largest token in terms of market capitalisation
XRP price in last 1 month; Source: TradingView
The demand for Bitcoin and meme tokens surged dramatically after Donald Trump’s victory as the 47th President of the United States. However, the upward momentum of XRP remained timid.
The latest XRP rally started late last week as the token peaked at $1.2 only to correct. However, the bulls maintained their value above $1, and the token is now rallying again, reaching $1.17 at the time of writing.
Position of XRP in the market; Source: Coinmarketcap
What is the Driving the XRP Rally?
Out of many drivers of the overall cryptocurrency, XRP received a boost last Thursday when 18 US states filed to sue the Securities and Exchange Commission (SEC) and its commissioners, including Gary Gensler, accusing them of unconstitutional overreach in the crypto industry.
Notably, Gensler is already facing a lot of heat as Trump has been elected as the incoming US President and has hinted at his resignation. Several crypto-friendly names are also making rounds across media as the expected replacement of Gensler at the top regulatory role.
Joined @Official_Cantor’s annual Crypto Conference today – safe to say that the US is ready to be the crypto capital of the world with the next Trump Administration. Also an apt shirt to wear..on perhaps what are Gary Gensler’s last days in office?! pic.twitter.com/VuusYnXrHr
— Brad Garlinghouse (@bgarlinghouse) November 14, 2024
Although XRP has not been directly mentioned in the lawsuits, a crypto-friendly SEC might boost Ripple. Earlier, the SEC sued Ripple, labelling XRP as unregistered securities. The court ruled partially in favour of both, only finding that the XRP sales to the institutions violated American securities laws. The court also fined Ripple $125 million, against which the blockchain company had already appealed.
Furthermore, Trump’s vision to push the local crypto industry might…
