{"id":355966,"date":"2024-11-17T10:22:18","date_gmt":"2024-11-17T10:22:18","guid":{"rendered":"https:\/\/www.techopedia.com\/?post_type=news&p=355966"},"modified":"2024-11-17T10:22:18","modified_gmt":"2024-11-17T10:22:18","slug":"xrp-price-rises-above-1-for-the-first-time-in-three-years","status":"publish","type":"news","link":"https:\/\/www.techopedia.com\/news\/xrp-price-rises-above-1-for-the-first-time-in-three-years","title":{"rendered":"XRP Price Rises Above $1 for the First Time in Three Years"},"content":{"rendered":"

The price of XRP (XRP) spiked by approximately 41% within a day, reaching $1.22 from $0.86.<\/strong><\/p>\n

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.<\/p>\n

\"XRP
XRP price history since 2018 | Source: TradingView<\/figcaption><\/figure>\n

Despite the recent surge, XRP<\/a> 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.<\/p>\n

Why Is XRP Price Rising?<\/span><\/h2>\n

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).<\/p>\n

These rumors emerged after Donald Trump’s victory in the U.S. presidential election. It is speculated that the Trump administration\u2019s policies may differ significantly from Gensler’s regulatory approach toward cryptocurrencies.<\/p>\n

On November 14, a transcript of Gensler\u2019s speech was published<\/a> on the SEC\u2019s website. Some crypto community members interpreted sections of the speech as hints of his possible resignation.<\/p>\n

XRP and Its Long Battle With the SEC<\/span><\/h2>\n

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.<\/p>\n

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SEC charges Ripple and two executives with conducting $1.3 billion unregistered securities offering https:\/\/t.co\/3VP23RpSyV<\/a><\/p>\n

— U.S. Securities and Exchange Commission (@SECGov) December 22, 2020<\/a><\/p><\/blockquote>\n