Bitcoin may be leading the charge in the crypto industry after Donald Trump won the US presidential election this month, but XRP – an asset linked to Ripple – has been seeing a huge comeback of late. On Saturday, it hit a seven-year high.
XRP jumped to an all-time high of $1.93 on Saturday, surpassing the 2021 high of $1.92. According to data from CoinGecko, the last time XRP returned to $1.93 was in January 2018, just after hitting a high of $3.40. This was seven years ago.
Now trading at $1.89, XRP has risen nearly 30% in the past week, bringing its 30-day gain to 274%.
What is driving new interest in XRP? What has fueled crypto widely in recent weeks is undoubtedly the prospect of a Trump-friendly Trump administration — especially the prospect of Securities and Exchange Commission Chairman Gary Gensler out of a job come January.
Under Gensler, the SEC has heavily targeted the digital asset for money transfer services in the United States, particularly Ripple Labs, whose founders created XRP. The two sides have been trading for years, and both say they've won the trip.
But with Gensler announcing his resignation as of January 20, 2025—the day Trump takes office—Ripple Labs may have an easy way to find a solution in the near future. And with that, XRP's regulatory instability can also be explained. That's why companies like WisdomTree and Bitwise are launching ETF plans in recent days.
In the years since hitting the all-time mark, XRP has fallen sharply, reaching a low of $0.127 in March 2020. Anyone who invests in XRP at this price will see a 1,420% increase from last Saturday's peak.
Daily Debrief Newspaper
Start every day with top news stories, plus original features, podcasts, videos and more.
