While Bitcoin continues to maintain its lead in the crypto industry since Donald Trump won the US presidential election this month, XRP – the digital asset linked to Ripple – has recorded even more impressive growth recently. On Saturday, XRP reached a price level not seen in nearly seven years.
Specifically, the price of XRP hit $1.95 on Saturday, surpassing the peak of $1.92 from 2021. The last time XRP reached a value of $1.95 was in 2018, shortly after the asset hit a record high of $3.40 nearly seven years ago.
With the current trading level at $1.89, XRP has increased nearly 30% in the past week, bringing the total increase over 30 days to 274%.
The driving forces behind renewed interest in XRP may stem from various factors. One of the main reasons is the prospect of a more cryptocurrency-friendly Trump administration, which has created a positive wave across the industry in recent weeks. Notably, SEC Chairman Gary Gensler is expected to leave office in January 2025, along with a change in administration, which is anticipated to bring positive changes for XRP.
Under Gensler's leadership, the SEC has focused on tightening regulations for crypto companies in the US, particularly Ripple Labs, the founding company of XRP that uses this asset in international money transfer services. Legal disputes between the SEC and Ripple have dragged on for years, with both sides claiming victory in various lawsuits.
However, with Gensler's resignation coinciding with Trump's inauguration, Ripple Labs may find an easier path to resolve issues in the near future. This could clarify regulatory uncertainty regarding XRP, opening opportunities for companies like WisdomTree and Bitwise to prepare to launch ETFs in the coming time.
XRP has experienced a significant decline since reaching its all-time high price, dropping to just $0.127 in March 2020. An investor who bought XRP at this price would now see impressive growth of up to 1,420%.
With a strong recovery and an optimistic outlook for the future of XRP, this asset is attracting attention from large investors and institutions, indicating its potential for significant growth in the near future.