XRP, tied to Ripple Labs, has climbed to the fourth spot among cryptocurrencies by market value. This rise comes after weeks of sustained growth fueled by Donald Trump’s presidential election win in November and speculation surrounding the possible dismissal of the SEC’s lawsuit against Ripple.
XRP Key Happenings Timeline
- XRP’s price peaked at $2.50 on Monday before dropping to $2.30, representing a 21% rise in 24 hours and a 50% increase compared to the previous week.
- Following Donald Trump’s election win, XRP’s market cap surged from $30 billion to $131 billion as of Monday.
- Over the weekend, XRP crossed the $100 billion market cap mark for the first time since 2018, overtaking Solana’s SOL to become the fourth-largest cryptocurrency by market value.
- XRP briefly surpassed Tether’s USDT in market value on Monday morning but later settled below it.
- Bitcoin remains the top cryptocurrency with a market cap of $1.89 trillion, while Ethereum holds the second spot with a market cap of $436 billion.
Background
Cryptocurrencies have experienced a surge following the election, driven by hopes of a more supportive regulatory framework under President-elect Trump and a Republican-led Congress. During his campaign, Trump shifted to a pro-crypto stance, vowing to transform the U.S. into the global hub for cryptocurrency. This was a stark contrast to his earlier remarks, where he dismissed Bitcoin as a “fraud” and a looming disaster.
What Sparked XRP’s Weekend Surge?
Although XRP’s value has been climbing since election day, its sharp rise over the weekend was fueled by a report from Fox Business. The report suggested that the New York Department of Financial Services might soon greenlight the launch of Ripple’s RLUSD stablecoin. Ripple is reportedly aiming for a December 4 release for RLUSD, which further boosted investor enthusiasm.
XRP ETF Anticipation Grows as Issuers Await U.S. Regulatory Approval
XRP’s price momentum gained traction in early November, bolstered by Republican successes in the U.S. elections, which heightened investor confidence in U.S.-based cryptocurrencies like Ripple’s XRP. Speculation surrounding the potential approval of an XRP-focused exchange-traded fund (ETF) in the U.S. further fueled optimism, with many hoping for a regulatory shift favoring the crypto industry.
While an XRP ETF has yet to debut in the U.S., market participants are gearing up for regulatory changes that could pave the way for its introduction. Such a development would enable broader access to XRP through mainstream investment platforms.
Another catalyst for XRP’s surge is SEC Chair Gary Gensler’s upcoming resignation in January, which may impact Ripple’s ongoing legal conflict with the SEC.
The SEC’s 2020 lawsuit accused Ripple of selling XRP without registering it as a security, causing significant damage to XRP’s value and market presence. This legal action resulted in its delisting from multiple exchanges and a dramatic price drop. Gensler’s departure could shift the dynamics of the case and XRP’s standing in the market.
Important Developments to Monitor
Ripple CEO Brad Garlinghouse revealed on X that he was interviewed by CBS News’ 60 Minutes. The conversation focused on the cryptocurrency landscape, the ongoing push for clearer regulations, and the collective efforts of the crypto sector to back innovation-driven candidates from both major political parties through the Fairshake PAC initiative.