After remaining inactive for the past two years, XRP surged above $1.10, hitting $1.20 over the weekend.
Up 20% in a single day, XRP is up 86% for the week and over 100% for the month as a whole.
Additionally, open interest in XRP futures reached an all-time high over the weekend, with over 2 billion tokens in active futures positions, reflecting a strong appetite for XRP volatility and suggesting that new price moments are expected.
The rise of XRP comes amid increased confidence in regulatory clarity following the re-election of Donald Trump.
Last week, Republican attorneys general from 18 US states filed a joint lawsuit against the Securities and Exchange Commission (SEC), its commissioners and Chairman Gary Gensler over the regulator’s handling of crypto.
The lawsuit claims that the SEC exceeded its constitutional authority by pursuing aggressive regulatory actions against the crypto industry.
18 US States File Lawsuit Against SEC for “Unconstitutional Persecution” of Crypto
Eighteen Republican AGs are suing the SEC, alleging unconstitutional overreach in crypto regulation and demanding federal court intervention to protect state authority.
During his presidential campaign, Trump pledged to fire Gensler on the first day of his presidency. “On day one, I will fire Gary Gensler,” Trump said. Although it is doubtful whether the president actually has the authority to fire the SEC chairman, the mere thought of Gensler leaving has generated palpable enthusiasm.
But it seems Trump doesn’t even need to pull the trigger. In a speech titled “Car Keys, Football and Effective Administration” delivered at the Practicing Law Institute and the 56th Annual Institute on Securities Regulation, Gensler addressed his potential resignation in what appears to be a farewell message.
“It has been a great honor to serve with them, to do the work of the people and to ensure that our capital markets remain the best in the world,” he said, concluding: “I have been proud to serve with my SEC colleagues who, day after day, work to protect American families on the highways of finance. »
Gary Gensler Hints at SEC Resignation, Reiterates Bitcoin ‘Not a Security’
SEC Chairman Gary Gensler hints at a possible resignation in what appears to be a farewell speech.
Additionally, XRP’s growth is also supported by the launch of Ripple Labs’ stablecoin, RLUSD.
“Customers and partners are demanding high-quality stablecoins like RLUSD for use in various financial use cases, such as payments, tokenization of real-world assets, and decentralized finance,” said Brad Garlinghouse, CEO of Ripple.
“Our payment solutions will leverage RLUSD, XRP and other digital assets to enable faster, more reliable and cost-effective cross-border payments.”
Ripple Launches RLUSD Stablecoin on Independent Reserve, Uphold, Bitstamp, Bullish
Ripple’s RLUSD stablecoin will be supported by Uphold, Bistamp, MoonPay, Independent Reserve, CoinMENA
