According to Decrypt, the price of XRP reached $1.67 on Friday morning, the highest level since May 2021, currently priced at $1.66, with a daily increase of 13.8% and a weekly increase of 12.8%.
Reasons for the rise in XRP's price include expectations for an XRP exchange-traded fund (ETF) and potential changes within the U.S. Securities and Exchange Commission (SEC). On Monday, global ETF provider WisdomTree registered an XRP ETF in Delaware.
On Wednesday, the European XRP ETP was renamed to Bitwise Physical XRP ETP, and Ripple announced it would invest in the fund. Ripple CEO Brad Garlinghouse stated that global demand for crypto assets is expected to surge in 2024.
XRP has been engaged in a legal battle with the SEC since 2020, and in 2023, a federal judge ruled that XRP is not necessarily a security. This October, the SEC appealed key parts of the ruling.
As SEC Chairman Gary Gensler prepares to depart, the price of XRP broke a three-year high, reaching $1.49, but still 51% lower than the historical high of $3.40 in January 2018.
