On Saturday, the price of XRP rose by 27%, surpassing $1 for the first time in three years. The primary drivers were legal battles with the SEC and expectations of a more favorable regulatory environment.
Legal Challenges with the SEC
The token reached $1.27, its highest level since November 2021, and its market cap soared to $63.59 billion. This growth comes amid ongoing legal battles with the SEC. On Thursday, a coalition of state attorneys general and the DeFi Education Fund filed a lawsuit against the SEC, claiming the regulator overstepped its authority.
Optimism over Trump Administration
Market sentiment is buoyed by expectations that the Trump administration could bring more favorable conditions for the crypto sector. LondonCryptoClub founders noted that the potential exit of SEC Chairman Gary Gensler could ease regulatory pressures.
Future Investment Plans for XRP
Speculation about a potential meeting between Ripple CEO Brad Garlinghouse and Trump has fueled optimism. Additionally, 21Shares' recent filing for an XRP ETF, along with Canary Capital and Bitwise's efforts, adds to future investment plans.
The record surge in XRP price warrants close monitoring as regulatory shifts and market participant plans could significantly impact the cryptocurrency's future.
