XRP has seen a rapid increase, hitting $1.20, driven by various political and economic factors.
XRP Price Surge
Over the past weekend, XRP soared to a new high of over $1.20. Rising 20% within a single trading session, the token has increased 86% over the week and more than 100% throughout the month. The high interest in XRP futures, with over 2 billion tokens in active futures positions, indicates significant attention to market volatility.
Response to Political and Regulatory Changes
The market is reacting to shifts in the regulatory environment in the US following Donald Trump's re-election. Last week, 18 state Attorneys General filed a lawsuit against the SEC, accusing it of overstepping its authority. Meanwhile, SEC Chair Gary Gensler hinted at a possible resignation in his recent speech.
Launch of Ripple Labs’ Stablecoin
XRP's rally is also supported by the launch of a new stablecoin RLUSD by Ripple Labs. Brad Garlinghouse, Ripple CEO, expressed optimism about its use in payment solutions and decentralized finance.
XRP's growth is driven by a mix of market, political, and corporate factors, including regulatory clarity and new Ripple initiatives like the launch of stablecoins.
