In summary
- XRP surpassed USDT by market capitalization and ranked third, up 71% for the week and 367% in the last 30 days.
- Optimism surrounding Gary Gensler’s departure from the SEC has boosted the price of XRP, fueling speculation about a favorable resolution for Ripple.
- Although XRP is still 27.6% below its all-time high, it has reached its highest level in almost seven years, approaching $3.40.
XRP, the native token used within Ripple’s payment system, has jumped to third place in the market capitalization ranking, surpassing USDT, the largest stablecoin on the market issued by Tether.
The asset is up more than 71% on the week to $2.47 and an additional 367% in the last 30 days, according to data from CoinGecko. He previously edged out Solana for fourth place on Sunday night.
Ripple Labs’ case against the United States Securities and Exchange Commission (SEC) has been a main focus for investors, which has been helped by the decision that its president, Gary Gensler, will retire on January 20 .
Criticized by the crypto community for what they considered a harsh approach to regulation through litigation, Gensler’s departure is providing renewed optimism for a friendlier approach to the industry.
The SEC launched its lawsuit against Ripple Labs for securities violations in December 2020 under then-chairman Jay Clayton. Gensler succeeded Clayton as SEC Chairman in April 2021 and continued the case against Ripple.
While Ripple uses XRP in its payment and settlement products, the token operates independently on its own ledger.
Still, this hasn’t stopped investors from speculating about what they see as a likely end to the agency’s case against Ripple.
Despite the challenges, the prospect of a change in regulatory leadership has bolstered investor optimism, fueling speculation that XRP could gain traction for financial applications of spot money exchange.
XRP is still about 27.6% below its all-time high of $3.40, reached in January 2018, but it is now closer to that level than it has been in nearly seven years, Decrypt previously reported.
Meanwhile, other major cryptocurrencies continue to rise after last week’s profit-taking actions and a drop in the price of Bitcoin.
In the last 24 hours, Cardano (ADA) is up around 10%, while other top cryptocurrencies including Shibu Inu (SHIB) and Stellar (XLM) are up 8% and 13%, respectively.
In the last 24 hours, Cardano (ADA) is up around 10%, while other top cryptocurrencies including Shibu Inu (SHIB) and Stellar (XLM) are up 8% and 13%, respectively.
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