XRP, the third-largest cryptocurrency by market cap, almost set a new all-time high (ATH) on Thursday night after surging 42% within seven days. It reached $3.38, two cents away from the ATH of $3.40 recorded seven years ago, according to CoinGecko data. While the token has retraced to $3.32 as of this writing, it remains up 5% in the past 24 hours.
An Overview of XRP’s Performance Since Election Day
XRP has performed well since early November after Republican Donald Trump was declared winner of the highly contested US Presidential elections. CoinGecko data shows that the token has increased by over 550% since November 5th.
The latest XRP rally is fueled by excitement around Trump’s inauguration, scheduled for Monday. Investors in this digital asset are optimistic that the regulatory war between the US Securities and Exchange Commission (SEC) and XRP’s issuer, Ripple, could end under Trump’s administration.
The SEC vs. Ripple
Under the leadership of Gary Gensler, who is expected to step down next week, the SEC has been at a legal war with Ripple since 2020, accusing the XRP issuer of offering unregistered securities to the public. Although the court ruled in favor of Ripple in 2023, the SEC appealed the ruling last year, essentially extending the war.
Further, there is heightened optimism that the new SEC leadership will approve a spot XRP ETF in the coming months. But who is replacing Gensler? One may be wondering. Trump nominated Paul Atkins as the next SEC boss last December. Many expect the pro-crypto figure to minimize war against the industry and instead focus on providing regulatory clarity.
It is worth highlighting that XRP surged 6% last Wednesday when Ripple CEO Brad Garlinghouse shared a photo of him and Trump on X, with the caption suggesting they had a great meeting.
Crypto Markets Today
XRP isn’t the only digital asset that has posted massive gains in the last 24 hours. Bitcoin has grown by 3.3% to $102,243, while Ethereum is up 2.3% to $3,422. Solana, on the other hand, has rallied 2.9% to $219, with BNB and Dogecoin jumping 1.7% and 9.4% to $724 and $0.41, respectively. Dogecoin, in particular, is rallying due to speculations that several asset managers could be considering applying for a spot ETF.
