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The price of XRP (XRP) spiked by approximately 41% within a day, reaching $1.22 from $0.86.
According to TradingView, XRP last traded above $1 in October 2021, after which its price declined and struggled to break past this level for years.
Despite the recent surge, XRP is still far from its all-time high (ATH) of $3.40, recorded on January 7, 2018. The current price of $1.1 is approximately 68% below its ATH.
Why Is XRP Price Rising?
A major factor behind XRP’s growth might be rumors about the resignation of Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC).
These rumors emerged after Donald Trump’s victory in the U.S. presidential election. It is speculated that the Trump administration’s policies may differ significantly from Gensler’s regulatory approach toward cryptocurrencies.
On November 14, a transcript of Gensler’s speech was published on the SEC’s website. Some crypto community members interpreted sections of the speech as hints of his possible resignation.
XRP and Its Long Battle With the SEC
XRP (previously known as Ripple) has been embroiled in a legal battle with the SEC since December 2020. The SEC accused Ripple of illegally selling unregistered securities worth $1.3 billion.
SEC charges Ripple and two executives with conducting $1.3 billion unregistered securities offering https://t.co/3VP23RpSyV
— U.S. Securities and Exchange Commission (@SECGov) December 22, 2020
After years of litigation, a court ruling in August 2024 ordered XRP to pay a $125 million fine—significantly less than the $2 billion sought by the SEC. However, the regulator appealed the verdict in October 2024.
The SEC asked for $2B, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand. We respect the Court’s decision and have clarity to continue growing our company.
This is a victory for Ripple, the industry and the rule of law. The SEC’s…
— Brad Garlinghouse (@bgarlinghouse) August 7, 2024
XRP’s recent price momentum might also be linked to the news that the lawsuit against Elon Musk for insider trading was dropped.
In 2023, Musk was accused of insider trading following allegations of profiting $124 million by selling Dogecoin (DOGE) after Twitter changed its logo. However, the investors withdrew the lawsuit, as Reuters reported.
What to buy with your XRP – Pepe Unchained is going to be huge
XRP could be one of the breakout stars of this bull run but it would be remiss not to mention the hottest sector in crypto right now, which is meme coins.
Here are three you may wish to consider buying in ICO, where the best returns on investment are to be had.
Pepe Unchained ($PEPU) is the first meme coin to have its own Ethereum Layer 2 blockchain. It’s raised $32 million in ICO, which finishes in 27 days, so there’s no time to lose if you wish to contribute.
The ecosystem includes Pepe’s Pump Pad, an Ethereum-focused pump.fun, where meme coins can be launched by literally clicking a few buttons.
The project is raising more than $1 million every 24 hours – whales can’t get enough of $PEPU, as this $50,000 buy attests. The price of the $PEPU token presale increases every 12 hours and, at the time of writing, is priced at $0.01286
Flockerz ($FLOCK) is ‘the people’s meme coin’. It is the first meme coin that will be run by its token owners through its vote-to-earn mechanism. Flockerz empowers its community – The Flock – to guide the project by voting on proposals and are rewarded for their participation. Flockerz has raised nearly $2 million and is priced at $0.0060289 in the current price stage, which ends in one day and 12 hours.
Crypto All-Stars ($STARS) is a meme coin ecosystem that introduces the innovative concept of unified staking for meme coins. The MemeVault Network allows meme coin fans to stake their tokens. To max out returns, users must hold the $STARS token.
Crypto investors like what they see – the presale raise total is about to hit $4 million. $STARS sells for $0.001568, and there’s only one day to go before the price rises.?
You can buy the presales mentioned above on the Best Wallet app. The wallet’s native token $BEST is for sale exclusively to Best Wallet users in a private sale.
