In summary
- XRP hit $1.93, its highest level since 2018, driven by expectations of more favorable crypto regulations.
- The token is up 274% in 30 days, as Ripple Labs sees hope following Gary Gensler’s resignation announcement.
- Investors who bought XRP at its 2020 low have seen gains of up to 1,420% in this recent rally.
Bitcoin may be leading the momentum of the entire Cryptocurrency industry since Donald Trump won the US presidential election this month, but XRP—the asset linked to Ripple—is seeing much bigger gains lately. And on Saturday, it reached a price not seen in almost seven years.
XRP jumped to a recent high of $1.93 on Saturday, surpassing the 2021 peak of $1.92. The last time XRP hit $1.93 was in January 2018, according to data from CoinGecko, just after setting its all-time high of $3.40. That was almost seven years ago.
Now trading at $1.89, XRP has risen nearly 30% over the past week, pushing its 30-day gain to 274%.
What is driving the renewed interest in XRP? It is certainly the prospect of a crypto-friendly Trump administration, which has largely benefited cryptocurrencies in recent weeks—and particularly, the prospect of Securities and Exchange Commission (SEC) Chairman Gary Gensler being left without I work in January.
Under Gensler, the SEC has aggressively attacked crypto companies in the United States, particularly Ripple Labs, whose founders created XRP and use the digital asset for money transmission services. The two sides have traded blows for years, with both claiming victories along the way.
But with Gensler announcing his resignation effective January 20, 2025—the date Trump will take office—Ripple Labs could find an easier path to a resolution in the near future. And with that, XRP’s regulatory uncertainty could also become clearer. That’s why companies like WisdomTree and Bitwise are making ETF plans in recent days.
XRP has fallen sharply in the years since it hit its all-time high, dropping to a low of $0.127 in March 2020. Anyone who invested in XRP at that price would have seen a 1,420% gain at its recent high the previous Saturday.
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