Following news that the upcoming Trump administration might soften certain legal actions against digital assets, Ripple‘s native cryptocurrency, XRP, quickly reached a value of $3.
On Wednesday, January 15th, during U.S. trading hours, Ripple (XRP) experienced a notable increase of around 16%, pushing its value up to $3 for the first time since 2018. This surge coincided with a broader rally in the cryptocurrency market.
According to data from crypto analysis tools, Ripple’s market value reached an impressive $171.5 billion, placing it as the third-biggest digital currency in terms of market capitalization. Only Bitcoin (BTC) with a market cap of $1.9 trillion and Ethereum (ETH) at $402 billion hold larger positions in the cryptocurrency world.
Why did Ripple’s XRP jump?
Beyond the market’s overall bounce-back post this week’s correction, the recent developments concerning President-elect Donald Trump’s administration seem to have significantly influenced the price escalation, as observed from my perspective as an analyst.
The U.S. Securities and Exchange Commission might soften its legal approach towards cryptocurrency companies, as it’s been reported that the incoming administration of President Trump intends to instruct the new SEC leadership to review cases where no fraud is alleged.
Should it be validated, the regulatory body, headed by Trump appointee Paul Atkins, might temporarily halt legal proceedings against businesses such as Coinbase and Ripple. These companies have been allegedly involved in the sale of unregistered securities, not necessarily acts of fraudulent behavior.
Nevertheless, it’s not typical for a newly appointed SEC chairman to put a stop to cases started by their predecessor. It’s uncertain how the new SEC administration will manage pending court cases. Furthermore, Gary Gensler’s position as SEC chairman has yet to be confirmed by the Senate.
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2025-01-16 18:00