XRP Surges 274% Amid Trump Win and SEC Chair's Pending Departure, Fuels ETF Speculation

Price data from Decrypt highlights some big moves in the crypto market. After Donald Trump's recent win, Bitcoin has taken the lead. But it's XRP, linked to Ripple, that's really stealing the spotlight lately.

On Saturday, XRP hit a high of $1.93, surpassing its previous peak of $1.92 from 2021. This price was last seen in January 2018, right after it reached its all-time high of $3.40. That’s almost seven years ago! Right now, XRP is trading at $1.89, showing a nearly 30% increase over the past week and a staggering 274% gain over the last 30 days.

What’s fueling this renewed interest in XRP? It's largely the expectation of a crypto-friendly Trump administration. This has positively impacted the entire crypto market recently. A significant factor is the potential departure of SEC Chair Gary Gensler, who has been tough on crypto firms, especially Ripple Labs, the creators of XRP.

Gensler announced he will resign effective January 20, 2025, the same day Trump will be sworn in. This could make it easier for Ripple Labs to resolve their regulatory issues, which might clear up the uncertainties surrounding XRP. This shift has encouraged companies like WisdomTree and Bitwise to start planning for exchange-traded funds (ETFs).

XRP has faced challenges since hitting its all-time high. It dropped to a low of $0.127 in March 2020. If someone invested at that price, they would have seen a remarkable 1,420% gain at XRP's recent high.

In other news, meme coins are making a comeback after the Thanksgiving holiday in the U.S. Dogecoin (DOGE) and other meme-themed tokens are rising as Bitcoin (BTC) approaches $99,000 after spending nearly a week below that mark. Currently, DOGE is priced at $0.42, up 7% in a day, according to CoinGecko. This marks a return to levels last seen on November 25, and we all know DOGE is known for its volatility.

Additionally, XRP has reached its highest price since May 2021, peaking at $1.67 on Friday morning. At the time of this writing, XRP's price is $1.66, reflecting a 13.8% increase on the day and a 12.8% rise over the past week. This price movement aligns with growing speculation about an upcoming XRP ETF and optimism regarding potential changes at the SEC. Recently, WisdomTree registered an XRP ETF.

The Fifth Circuit Court's ruling on Tornado Cash has also made waves in the crypto world. The court decided that immutable smart contracts aren’t classified as property and can’t be sanctioned under current laws. This has sparked optimism for decentralized protocols on Ethereum and privacy-focused tokens. While the ruling doesn’t endorse money laundering, it’s seen as a significant win for privacy advocates.