XRP, the native cryptocurrency of Ripple’s payment system, has made a huge leap in the market capitalization rankings, securing the third position and surpassing Tether’s stablecoin.
The token’s price has skyrocketed by more than 71% in the past week, reaching $2.47, and has surged an impressive 367% over the last 30 days, according to CoinGecko data.
XRP’s rise comes after it flipped Solana for the fourth spot late Sunday, continuing its upward momentum.
Ripple Labs’ ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) has been a major focus for investors, who are optimistic about the case’s potential outcome. With SEC Chairman Gary Gensler set to depart on January 20, there is renewed hope for a more favorable regulatory environment for the cryptocurrency industry.
Gensler, who succeeded Jay Clayton as SEC Chairman in April 2021, continued the lawsuit filed against Ripple Labs in December 2020 under Clayton’s tenure. Many in the crypto community criticized Gensler’s regulatory approach, which they viewed as overly aggressive. His departure is now seen as a positive development, fueling optimism that the SEC’s stance toward cryptocurrencies may shift toward a more industry-friendly approach.
XRP Hits Six-Month High
Over the weekend, XRP continued its impressive rally, surpassing the $2 mark for the first time since 2018. The token topped $2.16, a price not seen since January 2018, and flipped Solana in market capitalization. As of the latest figures, XRP has gained 15% on the day, bringing its weekly rise to 54%. Over the last 30 days, XRP has quadrupled in price, increasing by 318%.
Despite the legal hurdles Ripple faces, investor optimism is high, especially in light of the anticipated shift in regulatory leadership. The potential for XRP to play a significant role in financial applications, including spot exchange-traded funds (ETFs), has further fueled speculative interest.
XRP’s all-time high of $3.40, reached in January 2018, still looms about 27.6% above its current price. However, with XRP now closer to that peak than it has been in nearly seven years, the token’s resurgence is drawing significant attention in the crypto market.
Other Cryptos See Gains
While XRP has been making headlines, other major cryptocurrencies are also experiencing upward movement. For instance, Cardano (ADA) has risen by about 10% in the past 24 hours, while Shiba Inu (SHIB) and Stellar (XLM) have gained 8% and 13%, respectively.
Despite last week’s profit-taking and a brief dip in Bitcoin’s price, the broader crypto market remains in positive territory.
