Ripple’s native cryptocurrency, XRP, recorded a 15% surge on Jan 15, reaching the crucial $3 mark days before U.S. President-elect Donald Trump’s inauguration. The surge notably coincides with current SEC Chair Gary Gensler’s resignation as Paul Atkins prepares to assume office during Trump’s istration.
XRP began the year at $2.1 after experiencing a decline in the last quarter of 2024 that saw it plummet to $2. On Monday, the asset recorded a slight fall to $2.33 as the rest of the market experienced significant dumps. The asset has since recorded steady increases and tapped at $2.9 this morning. The token shortly broke its 7-year high to $3, a mark short from its all-time high of $3.4.
Crypto analyst Ali Martininez illuminated another emerging sector of the crypto ecosystem. He highlighted the spike in the number of transactions with a value of over $1 million in the past 24 hours, which hit well above 340.
XRP Gains 15% Ahead of Trump’s Inauguration Day
According to Coinmarketcap, XRP’s market capitalization rose to $171.5 billion, ranking it third on the asset ranking scale by market cap. The crypto community has associated Ripple’s XRP jump with the emerging reports that Donald Trump aims to direct the new SEC chair to drop lawsuits against certain digital assets.
Among the companies affected by Gensler’s crackdown on digital assets were Ripple and Coinbase. Given the regulatory body’s recent change in leadership and the few wins against the SEC by platforms such as Coinbase, investors speculate that these factors could push digital assets well above their current prices.
Also Read: SEC Nears Approval of Litecoin ETF: Sources
