$XRP
Since Donald Trump won the U.S. presidential election this month, Bitcoin may have maintained its lead in the cryptocurrency industry, but XRP—an asset associated with Ripple—has recently seen even more significant gains. On Saturday, the price of XRP reached a nearly seven-year high.
Specifically, on Saturday, XRP surged to a recent high of $1.93, surpassing the peak of $1.92 in January 2021. According to XRP data, the last time it reached $1.93 was back in January 2018, when CoinGecko recorded an all-time high of $3.40. That was seven years ago.
Currently, XRP is trading at $1.89. Last week, XRP soared nearly 30%, with a staggering increase of 274% over the past 30 days.
So, what has sparked renewed interest in XRP? Undoubtedly, it is related to the prospects of a cryptocurrency-friendly Trump administration. In recent weeks, the Trump administration has broadly benefited in the cryptocurrency sector, especially with the news that Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), is set to leave office in January next year.
Under Gensler's leadership, the SEC has actively targeted cryptocurrency companies in the U.S., particularly Ripple Labs. The founder of Ripple Labs created XRP and used it for currency transfer services. The two sides have been embroiled in a dispute for years, with both having victories.
However, with Gensler announcing he will resign on the day of Trump's inauguration on January 20, 2025, Ripple Labs may find a more straightforward solution in the near future. Meanwhile, the regulatory uncertainty surrounding XRP may also become clearer. As a result, some companies like WisdomTree and Bitwise are developing ETF plans.
Since hitting its all-time high, XRP has fallen significantly over the years, dropping to a low of $0.127 in March 2020. Those who invested in XRP at that price point saw a 1420% increase earlier on Saturday.
The puppies of the Ethereum chain are also on the rise and worth keeping an eye on.