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There was a time when the crypto industry ignored XRP. It was the lowest hours of a cryptocurrency created for money transfers. At the end of 2020, the United States Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, stating that its independence was questioned. This was the beginning of a decline in value that continued until recently. But things have changed for XRP since Trump’s victory. And in what way.
445% more in one month. XRP has more than quadrupled in value in the past month. It grew by 85 percent last week and 445 percent in the last month. In November, XRP was around $0.50 and is currently trading above $2.70.
It is only behind Bitcoin and Ethereum. With a market capitalization of approximately $154 billion, XRP has become the third most important cryptocurrency in the world, surpassed only by Bitcoin and Ethereum with a capitalization of approximately $440 billion.
These days, XRP has surpassed two other cryptocurrencies such as Tether and Solana. Despite this, XRP is still a long way from its all-time high of $3.40, which it reached in 2018, several years before the legal battle that decimated its value.
Coinbase’s decision. The legal battle was so fierce that there were times when it was argued that XRP was not a decentralized value. The judges seemed inclined to think that XRP was a ‘security’ and that Ripple was illegally trading unregistered securities.
This led to the main exchange Coinbase deciding to stop trading in XRP. A decision that further fueled the XRP crisis and contributed to its value remaining low for months.
Judicial decision that changes the process. But in 2023, the judicial decision of Judge Analista Torres of the Southern District of New York became known, and since then all doubts about XRP seem to have disappeared. The judge ruled that XRP is not a security.
The legal battle is far from over, as the stance on XRP may change until the US Supreme Court rules, but for now the latest news available is contrary to the SEC’s vision.
What will change with Trump? SEC. The main opponent of XRP’s development was the Securities and Exchange Commission. But under the Donald Trump administration, the SEC is expected to change its mind. This could directly impact XRP, which could cause the plaintiff to give up their legal fight.
Gary Gensler, SEC director and one of the main regulators of cryptocurrencies, has already announced that he will leave his position next January. News very well received by cryptocurrency investors.
Image | Alesia Kozik
in Xataka | Bitcoin is at all-time highs and cryptos are free: Optimism after Trump victory is extraordinary
Source: Xataka
Jason Root is a blockchain enthusiast and author at Div Bracket. He provides comprehensive coverage of the latest developments in the world of blockchain, offering readers a unique perspective on the industry and its potential for revolutionizing various industries.
