The cryptocurrency market saw mixed results, but Ripple XRP price took the lead with a significant increase. While Bitcoin (BTC) and Ether (ETH) remained stable, Ripple XRP price USD surged to an all-time high as investors showed optimism about Ripple’s ongoing legal fight with the U.S. Securities and Exchange Commission (SEC).
Market Update
Bitcoin (BTCUSD) traded at $96,622, gaining 2.92% in the past 24 hours. Meanwhile, Ether (ETHUSD) dropped 0.7% to $3,190. Solana (SOLUSD) fell slightly by 0.3%, and Dogecoin (DOGEUSD) increased by 0.7%, according to CoinDesk data.
Ripple’s XRP (XRPUSD) was the highlight, jumping 12.16% to $2.73 after briefly hitting $2.90 overnight. This surpassed its previous all-time high of $2.89 set in December.
Ripple and SEC: What’s Happening?
Ripple has been battling the SEC since 2020 over claims that it sold unregistered securities through its XRP token.
In August 2024, a judge ordered Ripple to pay a $125 million fine, much less than the $2 billion the SEC originally sought. The SEC appealed, and its opening brief is expected soon.
Ripple’s legal team remains hopeful. Chief Legal Officer Stuart Alderoty stated, “On January 20, Gensler’s war on crypto ends at the SEC,” referring to a leadership change that could affect the agency’s approach to cryptocurrencies.
Leadership Changes at the SEC
President-elect Donald Trump has nominated Paul Atkins, a known supporter of cryptocurrencies, to lead the SEC. If approved by the Senate, Atkins will replace Gary Gensler, who has taken a hard stance on the crypto industry.
What Experts Are Saying
Many analysts believe the courts are leaning in Ripple’s favor. Alex Kuptsikevich, an analyst at FxPro, said, “The courts are increasingly inclined to [Ripple’s] arguments, pointing out the excessive rigidity of the SEC.”
This has boosted confidence in Ripple and its XRP token, as the outcome could impact the broader cryptocurrency market.
FAQs
Why is Ripple XRP’s price rising?
Ripple XRP price is rising due to growing optimism about Ripple’s chances of winning its case against the SEC and setting a positive legal precedent.
What does new SEC leadership mean for Ripple and XRP?
Paul Atkins, the nominee for SEC chair, is crypto-friendly. If he leads the SEC, the regulatory environment for Ripple and XRP price USD could improve.
Why does Ripple’s case matter for XRP price and the crypto market?
Ripple’s case will influence how cryptocurrencies, including XRP price, are regulated in the U.S., which could affect the entire crypto industry.
