Janice R. Andrews
XRP, the digital token powering Ripple Labs’ payments platform, has seen a significant uptick, climbing 1.9% in the past 24 hours to $2.39, according to CoinDesk data. This follows a strong 15% gain over the previous week, making XRP one of the standout performers in a mixed crypto market.
The token’s rally began on November 5, fueled by optimism surrounding Donald Trump’s reelection. Before Trump secured a second term, XRP was trading between $0.50 and $0.60. Following the election, its value soared, reaching a record high of $2.89 in early December.
What’s Next for XRP?
Investors are closely watching Trump’s inauguration on January 20, which could serve as the next major catalyst for XRP and the broader crypto market. There’s growing anticipation around Trump’s potential pro-crypto policies, including a possible initiative to create a national Bitcoin reserve.
Another factor driving optimism is Trump’s nomination of Paul Atkins to head the Securities and Exchange Commission (SEC). Known for his pro-crypto stance, Atkins could push for deregulation and may reconsider the SEC’s ongoing legal case against Ripple.
The SEC lawsuit, filed in 2020 under current chairman Gary Gensler, alleged that Ripple sold XRP as an unregistered security. Ripple recently paid $125 million to settle the case, significantly less than the $2 billion initially sought. Ripple CEO Brad Garlinghouse hailed the outcome, stating, “SEC’s headwinds against the XRP community are gone.”
Broader Market Movements
While XRP continues to lead, other cryptocurrencies have also posted gains. Bitcoin rose 1.2% to $43,500, Ethereum edged up 0.6%, and Dogecoin and Solana saw slight increases of 0.4% and 0.3%, respectively.
As the market looks ahead to potential regulatory shifts under the new administration, XRP’s trajectory remains promising. With growing enthusiasm for crypto-friendly policies and clearer regulations on the horizon, XRP could be poised for further growth in the weeks to come.
