XRP, the token associated with Ripple Labs, has surged to become the fourth-largest cryptocurrency by market capitalization, following a dramatic rally triggered by Donald Trump’s presidential election victory and speculation about favorable developments in Ripple’s legal battle with the SEC.
The price of XRP reached a high of $2.50 early Monday (2) before stabilizing at $2.30, reflecting a 21 per cent increase in 24 hours and a nearly 50 per cent jump compared to last week.
XRP’s market capitalization has risen from $30 billion to $131 billion since Trump’s election, surpassing $100 billion for the first time since 2018. The token briefly overtook Solana’s SOL and even Tether’s USDT stablecoin before settling as the fourth-largest cryptocurrency globally.
The surge comes amid speculation that the New York Department of Financial Services could soon greenlight Ripple’s RLUSD stablecoin. Reports suggest Ripple may launch RLUSD as early as December 4, further boosting market confidence.
Fairshake is the most successful multi-candidate, bipartisan Super PAC in American history.
Electing pro-crypto, pro-growth and pro-innovation candidates is a no-brainer, and to continue that momentum, Ripple is contributing another $25M to Fairshake. Onwards!
— Brad Garlinghouse (@bgarlinghouse) November 26, 2024
Ripple Labs has been embroiled in a legal battle with the SEC since 2020 over allegations of unregistered securities sales. However, the company scored a significant victory in July 2023 when a federal judge ruled that XRP sales on public exchanges did not violate securities law.
The SEC’s ongoing appeal of the ruling has fueled uncertainty, but Trump’s election and the impending resignation of SEC Chair Gary Gensler have spurred optimism. Former CFTC Chairman Chris Giancarlo, a contender for a key role in the Trump administration, has advocated dropping the Ripple case.
Ripple CEO Brad Garlinghouse recently highlighted the growing momentum for regulatory clarity in an interview with 60 Minutes. He emphasized the industry’s efforts to support pro-innovation candidates through initiatives like the Fairshake PAC, reflecting broader anticipation of a crypto-friendly environment under the GOP-controlled Congress.
XRP’s rise coincides with a broader cryptocurrency surge. Bitcoin remains the largest cryptocurrency with a market cap of $1.89 trillion, followed by Ethereum at $436 billion. The new administration’s pro-crypto stance, including Trump’s campaign pledge to make the U.S. the “crypto capital of the planet,” has set the stage for a transformative period in the digital asset industry.
