Ripple’s native cryptocurrency, XRP, has experienced a substantial price increase in the last few hours. The token surpassed the $3 mark for the first time since 2018 today. The surge is driven by two main factors: Donald Trump’s pro-crypto agenda and optimism surrounding the potential dismissal of the SEC case against Ripple.
Since Trump has been elected to be the next President of the United States of America, the crypto community has been waiting for him to step-in into the office and make the necessary changes within the crypto industry. The community currently is anticipating clarity around the current crypto regulations and is hoping for more crypto-friendly policies and regulations within the industry. This will help the industry develop through various innovations.
Trump’s Proposal to Set-Up America’s First Strategic Reserve
According to a recent article by New York Post, Trump plans to propose an American-first strategic reserve, which would prioritize tokens that have originated from the US markets. XRP being a native cryptocurrency of US company Ripple, the overall sentiment around XRP remains positive within the market.
Ripple Executives Meeting Trump
Ripple’s CLO and CEO Stuart Alderoty and Brad Garlinghouse recently met with President-elect Trump at his Mar-a-Lago estate in Florida. Brad Garlinghouse later uploaded the photo of the three on X and captioned the picture as “Strong Start to 2025”. This photo sparked many speculations about the discussion. Although the discussion details remains undisclosed, community believes that the discussion might have revolved around dropping the SEC lawsuit entirely through the upcoming administration.
SEC vs. Ripple to be Dropped?
Meanwhile, SEC filed an appeal brief yesterday. Against this move by the SEC, Ripple CLO Stuart Alderoty made a bold statement on his X account. In his post, he hinted that the SEC case against the company might be dropped by the new administration. This statement has fueled XRP’s price surge. The lawsuit, which has been ongoing since 2020, has led to uncertainty for the company and the broader crypto market.
XRP Price Surges
As a result of these developments, XRP’s price has skyrocketed, with the investors and traders being optimistic about the token’s future. The company’s commitment and efforts towards cross-border payments and institutional partnership has also positioned it for a promising growth in the coming years.
At press time, the price of the XRP token has surged to $3.35 with an uptick of 20.7% in the last 24 hours, crossing the $3 mark for the first time since 2018. Also, the token’s market cap has also surpassed $180 billion mark and currently its market cap is bigger than that of Goldman Sachs.
XRP 24 Hours Chart (Source: CoinGecko)Also Read: Reliance Jio Partners with Polygon for Web3 Integration
