XRP, the cryptocurrency that has faced regulatory challenges for some time, is now leading the charge in an ongoing crypto market rally thanks to recent positive developments, including the anticipated exit of SEC Chairman Gary Gensler.
XRP now ranks the sixth largest cryptocurrency after its market capitalization soared to more than $80 million, according to CoinMarketCap. In the past day alone, the digital asset has gained 27% and 66% on the daily and weekly charts, respectively.
On the monthly chart, XRP’s surge is even more dramatic. The token, which aims to facilitate efficient cross-border payments, has jumped 174% during this period. Its price has moved from $0.5250 in the past 30 days to trade at $1.44 at the time of this publication.
Why XRP is Rising
So what is behind the surging prices? One of the factors could be the optimism around more friendly crypto regulations in the US coupled with Ripple’s legal triumph over the SEC, Coindesk reported.
For years, Ripple fought allegations from the SECclaiming XRP was sold as an unregistered security. The resolution of this high-stakes case in 2024 not only exonerated Ripple but also ignited interest in XRP, pushing the token’s market capitalization upwards.
Besides that, Gary Gensler, who has since adopted what is considered stringent regulations for digital assets, will leave office in January. His departure is widely viewed as paving the way for regulatory reform favoring cryptocurrency innovation.
Donald Trump’s 2024 presidential victory has further fueled enthusiasm. Known for his pro-crypto stance during his previous administration, Trump’s return to the Oval Office is raising hopes for policies that support blockchain technology and digital assets.
Futures Markets
XRP has dominated trading activity on South Korean exchanges, even surpassing Bitcoin and Dogecoin in volume, Coindesk reported. Its futures have also reached record highs, with open interest surpassing $2 billion.
Additionally, there is speculation about XRP-based exchange-traded funds (ETF) in the US. If approved, such a product could reportedly push XRP into mainstream financial markets and attract institutional investors.
Meanwhile, Ripple Labs CEO Brad Garlinghouse recently shared his views on the potential future of the digital assets industry under a second Trump administration, revealing how he believes the US could become a global crypto hub by 2025. With Trump’s support, Garlinghouse is optimistic that regulations will shift in favor of crypto, positioning Ripple for expansion.
In a FOX Business interview, Garlinghouse reportedly discussed the impact of the so-called “Trump trade” on digital assets, which has already seen Bitcoin reach new all-time highs, Binance Square reported.
This article was written by Jared Kirui at www.financemagnates.com.
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