XRP gained 25% in value, reaching its highest level in the last 3 years, driven by positive developments in regulatory expectations, hopes of a resolution to Ripple’s ongoing legal battle with the SEC, and ETF applications.
Ripple’s XRP token has surged by nearly 25% in the past 24 hours, reaching its highest level since November 2021. The price increase is said to have been triggered by growing hopes that Ripple’s long-standing lawsuit with the SEC will reach a favorable resolution and expectations for a crypto-friendly regulatory environment.
XRP increased its weekly gains by 87%, reaching $1.15 levels, and its market value increased by approximately $20 billion since November 15, reaching $65 billion. This rise allowed XRP to stand out from other assets in the crypto market. While the general cryptocurrency market lost 3%, XRP left all other tokens behind with this performance.
Ripple’s General Counsel Stuart Alderoty said in a statement on Twitter:
"The SEC's distraction strategy is now just background noise. The hard part is behind us."
The surge in XRP price has also significantly increased on-chain transaction volume. According to Whale Alert data, $90 million worth of XRP was transferred in a single transaction, while a total transaction volume of $316 million was recorded in the last two days.
Open interest in XRP futures contracts has reached an all-time high of 2 billion tokens.
Ripple Labs’ planned launch of the RLUSD stablecoin in the near future is also drawing attention. These developments indicate that XRP has started a strong bull trend with new capital inflows in the market. In addition, ETF applications have a great impact on the increasing interest in XRP. 21Shares had filed a similar ETF application for XRP after the spot Bitcoin and Ethereum ETFs.
Ripple CEO Brad Garlinghouse claimed that the departure of SEC Chairman Gary Gensler would end uncertainty in the sector and add $800 billion in value to the crypto markets.