Why is XRP going up? There are several reasons.
First, Gary Gensler, the head of the SEC, said something today that felt like his farewell speech in this position. He talked about some good things he had done. As we all know, if a new president takes office, people who are not from the same party as the new president usually resign in institutions like the SEC. Gensler came to power in the same way, and so did the chairman before him. Now everyone is guessing that Gensler may also resign. This news made XRP investors feel that the risk seemed to be smaller. Especially Trump also said, "I want to find someone who likes cryptocurrency to replace him." As soon as this was said, the price of XRP coin soared to a record high of $0.8.
Also, there are many ETF applications before the SEC now, including XRP coins. Everyone thinks that the possibility of these applications being approved is also a little higher.
Another thing is that 18 states have sued the head and commissioners of the SEC. They said that the SEC's attitude towards cryptocurrencies is too hostile, which is an abuse of power and unconstitutional. Gensler may be sued for this.
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