A shift toward a crypto-friendly regulatory climate in the U.S. is fueling optimism for tokens like XRP, which surged 25% in the past 24 hours. This rally, primarily during early Asian trading hours on Friday, is driven by the announcement of Gary Gensler’s impending departure as SEC chairman in January, signaling potential regulatory relief for crypto firms.
XRP, closely tied to Ripple Labs, has been at the center of a years-long legal battle with the SEC over allegations of unregistered securities sales. Ripple’s complete legal victory in 2024 has reignited interest in XRP, currently boasting a market cap of $77 billion. The token has climbed 65% in the past week and 150% over the past month. Analysts at CoinDesk predict XRP could soon reach a short-term target of $1.40.
The crypto market is also buoyed by the election of Donald Trump, whose pro-crypto stance is raising expectations for favorable industry policies under his administration. This sentiment has sparked discussions about a potential XRP exchange-traded fund (ETF), adding to the token’s bullish momentum.
Demand for XRP is skyrocketing, with trading volumes outpacing even bitcoin on South Korean exchanges. Open interest in XRP futures has hit record highs, with over 2 billion tokens (valued at more than $2 billion) currently in speculative positions, signaling heightened expectations for continued market volatility.
