XRP has become the third-largest cryptocurrency by market cap after climbing 40% in 24 hours and reaching its highest value in seven years at $2.80. The coin’s surge is attributed to decreasing legal pressure, with Securities and Exchange Commission chair Gary Gensler announcing his resignation. This move is expected to lead to a drop in lawsuits against Ripple.
The SEC’s long-running case against Ripple is currently on appeal after the judge reduced the company’s fine from $2 billion to less than half that amount. An XRP exchange-traded fund (ETF) and stablecoin, RLUSD, are also speculated to receive regulatory approval soon.
Ripple’s products have seen increased investor interest following Donald Trump’s election win, which is expected to lead to favorable crypto policies in Washington D.C. The President-elect has promised to make America a “crypto capital” with strategic initiatives like a Bitcoin reserve and crypto advisory council. This shift in policy could provide direct access for industry leaders to the White House.
Source: https://fortune.com/crypto/2024/12/02/ripples-xrp-soars-over-40-as-regulatory-headwinds-let-up