by Key takeaways
- In a single day, the price of XRP increased from $0.86 to $1.22.
- This is the first time that XRP has topped $1 since October 2021.
- Rumors that the SEC chair, who has been embroiled in a legal dispute with XRP for years, is resigning could be a factor in this spike.
In just one day, the price of XRP (XRP) increased by around 41%, from $0.86 to $1.22.
After last trading above $1 in October 2021, XRP’s price fell, and it struggled for years to surpass this level, according to TradingView.
Even with the current spike, XRP is still far below its January 7, 2018, all-time high (ATH) of $3.40. At $1.1, the current price is around 68% below its all-time high.
Why is XRP Getting More Expensive?
A major factor in XRP’s ascent may have been rumors that Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), was leaving his position.
Following Donald Trump’s win in the US presidential election, several rumors surfaced. The objectives of the Trump administration are thought to diverge greatly from Gensler’s approach to cryptocurrency regulation.
A transcript of Gensler’s remarks was posted on the SEC’s website on November 14. Parts of the speech were perceived by certain members of the crypto community as suggesting that he would resign.
XRP’s Prolonged Conflict With the SEC
Since December 2020, XRP (formerly known as Ripple) and the SEC have been involved in a legal dispute. Ripple was charged by the SEC with unlawfully selling $1.3 billion worth of unregistered securities.
A court decision in August 2024, following years of litigation, mandated that XRP pay a fine of $125 million, which is much less than the $2 billion the SEC had requested. In October 2024, though, the regulator filed an appeal of the decision.
The news that the case against Elon Musk for insider trading was abandoned may also have contributed to the recent price movement of XRP.
Musk was charged with insider trading in 2023 after it was alleged that he made $124 million by selling Dogecoin (DOGE) after Twitter changed its logo. But according to Reuters, the investors dropped the complaint.
What you should purchase with your XRP: Pepe Unchained will be quite popular.
Even though XRP may be one of the breakout stars of this bull run, it would be irresponsible to ignore meme currencies, which are currently the hottest area in cryptocurrency.
Here are three that you might want to purchase in an initial coin offering (ICO), where the highest returns on investment are possible.
The first meme coin with its own Ethereum Layer 2 blockchain is Pepe Unchained ($PEPU). There is no time to lose if you want to contribute; the initial coin offering (ICO) has raised $32 million and ends in 27 days.
Pepe’s Pump Pad, an Ethereum-focused pump, is part of the ecosystem.fun, where by pressing a few buttons will launch meme coins.
Whales can’t get enough of $PEPU, as evidenced by this $50,000 purchase, which is helping the initiative raise over $1 million per 24 hours. As of this writing, the price of the $PEPU token presale is $0.01286. It rises every 12 hours.
The “meme coin of the people” is the first meme coin whose vote-to-earn mechanism will be controlled by its token owners. By allowing its community, The Flock, to vote on suggestions and get rewards for their involvement, Flockerz gives them the power to direct the project. The current price stage of Flockerz, which finishes in one day and twelve hours, is $0.0060289, and the company has raised close to $2 million.
A meme coin ecosystem called Crypto All-Stars ($STARS) presents the novel idea of unified staking for meme coins. Meme currency enthusiasts can stake their tokens on the MemeVault Network. Users must own the $STARS token in order to maximize returns.
The presale funding total is on track to reach $4 million, which is good news for cryptocurrency investors. One day remains before the price rises, and $STARS is now trading at $0.001568.
The Best Wallet app is where you may purchase the aforementioned presales. Only Best Wallet users are able to purchase the wallet’s native token, $BEST, through a private sale.
