XRP price rises, here's why!

Bittime - The XRP price saw a significant rise on Monday morning, registering an increase of 1.9% to $2.39 in the last 24 hours. This increase follows a positive trend that has been ongoing, where XRP is up about 15% in the past week.

The token, which is used to facilitate and settle transactions on Ripple Labs' digital payments platform, has attracted investor attention following Donald Trump's victory in the presidential election. Before the election, the price of XRP was trading in the range of 50-60 cents, showing a tremendous surge after the election results.

This increase in the price of XRP is inseparable from the expectation that the new Trump administration will give greater support to digital assets. XRP hit a record high of $2.89 in early December, and many investors are now looking forward to the steps Trump will take after being sworn in on January 20.

One of the promises to look forward to is the potential establishment of a Bitcoin national reserve, which could provide a further boost to the crypto market as a whole.

Also read: XRP Price Targeted to Rise to $13 in the Near Future, Achievable?

Political Factors Driving the Rise

One of the main factors affecting the price of XRP is Trump's nomination of Paul Atkins to lead the Securities and Exchange Commission (SEC). Atkins is known as a proponent of crypto deregulation, and many investors hope that he will take steps to overturn the ongoing legal case between Ripple and the SEC.

The case began in 2020 when the SEC accused Ripple of selling unregistered securities. Although Ripple has been ordered to pay $125 million, this amount is much lower than the $2 billion demanded by the SEC.

Crypto investors are now optimistic that with Atkins in the position, there is a high chance that the case will be resolved in a favorable way for Ripple and XRP. Ripple's CEO, Brad Garlinghouse, stated that the barriers set by the SEC against the XRP community are gone, giving new hope to XRP holders.

Source Bittime.com

XRP Performance in the Crypto Market

The rise in XRP price is also in line with the positive trend in the overall crypto market. Bitcoin, as the largest digital asset, has risen about 1.2% in the last 24 hours, while Ethereum is up 0.6%.

Other coins such as Dogecoin and Solana have also shown growth, albeit in smaller percentages. The rise in the price of XRP shows that investors are increasingly confident in the growth potential of this digital asset.

Also read: Update on Ripple Vs SEC Case: There is Hope for XRP ETF through the Change of SEC Leader

Future Prospects of XRP

With a favorable political backdrop and favorable legal developments, the future outlook for XRP looks bright. Many investors believe that if Trump fulfills his crypto-related promises, XRP prices could continue to rise.

However, it is important to remember that crypto markets are highly volatile, and sudden changes in market sentiment can significantly affect prices.

Overall, the rising XRP price reflects a combination of political factors, legal developments, and positive trends in the crypto market. Investors should remain vigilant and conduct in-depth analysis before making investment decisions, but at the moment, XRP appears to be in a strong position for further growth.

FAQ

What is the cause of XRP's recent price increase?

The rise in XRP price is due to hopes that the incoming Trump administration will provide greater support towards digital assets, as well as the nomination of Paul Atkins to lead the SEC, who is seen as a proponent of crypto deregulation.

What is the current price of XRP?

Currently, the price of XRP has risen to $2.39, registering an increase of 1.9% in the last 24 hours and about 15% in the last week.

What is happening with the Ripple and SEC legal case?

Ripple was involved in a legal case with the SEC that began in 2020, where the SEC accused Ripple of selling unregistered securities. Although Ripple was ordered to pay $125 million, many investors are hopeful that with Paul Atkins at the SEC, the case can be resolved in a favorable way for Ripple.

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References

msn.com, XRP Price Rises. This Is the Next Catalyst for the Crypto, accessed on January 7, 2025.

Author: AWW