XRP surged to $1.6833, marking a new peak in the upward trend that began in November. The last time prices exceeded current levels was in April 2021, after which the asset traded lower.
The increase over the past day was 14%. XRP outpaced Bitcoin and other top-10 cryptocurrencies.
XRP continued its rise, surpassing $1.7.
The coin surpassed BNB in market capitalization, taking the fifth spot.
The coin’s all-time high was recorded in April 2018, exceeding $3.
There is no clear reason for the current spike. The upward trend is accompanied by several long-term factors.
The rapid rise of XRP began in November following Donald Trump’s victory in the US presidential election. Investors regained confidence in assets linked to American companies.
In mid-November, XRP prices surpassed the psychological threshold of $1 for the first time since December 2021. The asset showed sensitivity to news about the potential departure of Gary Gensler as chairman of the US Securities and Exchange Commission (SEC) and increased hope for a more liberal regulatory environment in America.
In December 2020, the SEC accused Ripple of selling unregistered securities in the form of XRP worth $1.3 billion. CEO Brad Garlinghouse and co-founder Chris Larsen were also named as defendants.
In July 2023, a court ruled that programmatic sales and other distributions of Ripple’s coin did not constitute an offer and sale of investment contracts. However, according to the decision, sales of tokens to large players violated US securities laws.
The court rejected the SEC’s interim appeal, finding it lacked sufficient evidence and that its consideration would not “substantially advance the ultimate termination of the case.”
Subsequently, the Commission withdrew its lawsuit against Garlinghouse and Larsen. The parties reached a settlement, eliminating further charges on previous grounds.
In August 2024, the court issued a final decision in the case, fining Ripple $125 million. The regulator initially sought $2 billion. In October, the SEC appealed the verdict.
Garlinghouse expressed confidence in a “reset” of the crypto industry following the US presidential elections.