XRP Surges 40% In 24 Hours As It Nears $3

By Anthony • December 2, 2024 5:42 pm • Comments

Ripple’s XRP has become the third-largest cryptocurrency by market cap after overtaking USDT, Solana, and Binance Coin.

Currently, XRP is trading at 2.72, marking a 40% increase within 24 hours.

XRP has surged over 400% in the last month since President Trump won the 2024 presidential election.

Trending: VINDICATED! Alex Mashinsky Pleads Guilty To Multi-BILLION Dollar Fraud, Max 30 Years In Prison! (No FUD)

The surge comes as much of XRP’s legal pressure is about to be let up as a pro-crypto administration is set to take office.

Check out what Fortune Crypto reported:

Ripple’s XRP has become the third-largest cryptocurrency by market cap, overtaking popular tokens like Solana, USDT and Binance Coin, as a new era of crypto-friendly policy begins to take shape in Washington, DC.

On Monday, XRP had climbed an eye-popping 40% in 24 hours, reaching $2.80 for the first time in seven years. The coin has attracted over $120 billion in new investment, and reached a market cap of $156 billion since Donald Trump and a host of other crypto-friendly candidates won election on November 5.

The surge in XRP’s price comes amid signs that the legal pressure that has been bearing down on Ripple for years is about to let up. Most notably, Securities and Exchange Commission chair Gary Gensler—who has been the crypto industry’s prime antagonist—announced his resignation and pundits are predicting the agency is likely to drop a number of lawsuits as Trump prepares to take office.

Those lawsuits include a long-running SEC case against Ripple, which is currently making its way through appeals court after the judge sided with Ripple in August, fining the company $2 billion less than the SEC had originally asked for. The SEC brought the suit in 2020, accusing Ripple of illegally raising money by selling XRP without registering it as a security.

The XRP price surge also comes as investors bet on the future of Ripple products. Fox Business reported that the company’s long-awaited stablecoin, RLUSD, is poised for regulatory approval in New York as soon as Dec. 4. Also adding fuel to bullish sentiment around XRP is the speculation that an XRP exchange-traded fund, like those already approved for Bitcoin and Ethereum, is just around the corner.

Per Crypto.News:

The primary catalyst for XRP’s surge was Donald Trump’s election victory, which is expected to pave the way for more favorable crypto regulations. This development is significant as Ripple Labs has been embroiled in a legal battle with the Securities and Exchange Commission since 2020.

The election also raised the possibility of a spot XRP exchange-traded fund by 2025. Earlier this week, asset manager WisdomTree, overseeing $111 billion in assets, filed for a spot Ripple ETF.

Crypto analysts suggest that XRP’s recent rally was largely driven by whale activity, triggering a fear of missing out among retail investors.

In an X post, CryptoQuant CEO Ki Young Ju highlighted that whale activity on Coinbase played a significant role, as exchange premiums surged to 3%-13%. Conversely, South Korea’s Upbit exchange, which has a substantial XRP trading base, showed no such premium.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.

 

Search ProCoinNews