XRP, the cryptocurrency associated with Ripple, has surged to a seven-year high, reaching a price of $1.93 this past Saturday—its highest level since January 2018. The rapid increase comes as XRP has quadrupled in value over the past month, boasting a staggering 274% gain in just 30 days.
This recent jump in XRP’s price has outpaced other cryptocurrencies, including Bitcoin, which has been drawing attention since the recent U.S. presidential election results. The political landscape, particularly the anticipated changes under a crypto-friendly Trump administration, has sparked renewed interest in XRP.
XRP’s ascent has been fueled by the potential exit of SEC Chair Gary Gensler, who has been a contentious figure in the crypto community due to his aggressive regulation stance towards crypto companies, particularly Ripple. Gensler’s resignation, set to take effect on January 20, 2025—coinciding with Trump’s inauguration—could pave the way for clearer regulatory guidelines for XRP and its parent company, Ripple Labs. This shift has led investment firms like WisdomTree and Bitwise to explore ETF options related to XRP, signifying growing institutional interest.
Historically, XRP’s price has fluctuated dramatically. After reaching an all-time high of $3.40 in January 2018, it saw a significant decline, dropping to as low as $0.127 in March 2020. Current trends indicate that investors who purchased XRP at its low point have witnessed impressive gains, with returns exceeding 1,400% since that low.
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