Ripple’s XRP Soars to Six-Year High, Hits $2.71 Amid Legal Win and Market Surge

The cryptocurrency of Ripple Lab, XRP has hit a six-year high of $2.71 per coin and a $150 billion market value to emerge as the fourth most capitalised cryptocurrency.

The cryptocurrency rose to a record high after U.S. President-elect Donald Trump was pronounced the winner of the just concluded Presidential election.

This coupled with Ripple’s legal victory against the Securities and Exchange Commission (SEC) earlier this year spurred growth in XRP and other cryptocurrencies like Bitcoin, Ethereum, and more.

Further analysis showed that XRP’s price spike was mostly driven by institutional interest in the cryptocurrency.

According to data from Coinbase, a leading cryptocurrency exchange company in the United States, there was a steady price premium on XRP in the last 30 days among U.S. investors.

The CEO of CryptoQuant, Ki Young Ju, claims that this premium has varied between 3% and 13%, indicating strong demand for the digital asset. 

This growing market momentum has attracted traditional financial firms to explore XRP-related products.

Investment management company WisdomTree recently submitted an application to the SEC for an XRP Exchange-Traded Fund (ETF), joining other firms like Bitwise and 21Shares.

According to Ripple CEO Brad Garlinghouse,  XRP’s dramatic price surge is attributed to new regulatory measures in the United States leading to a renewed investor confidence following the legal win and broader market optimism, and particularly the resignation announcement of SEC Chair Gensler, whose tenure has been marked by aggressive regulatory actions against crypto.

His resignation has been pinned to become a game-changer for the cryptocurrency market. With a pro-crypto administration and a new regulatory environment on the horizon, the market, including projects like Ripple, could experience significant growth and innovation. 

Likewise, more Crypto enthusiasts like Brad Garlinghouse, alongside Ripple’s Chief Legal Officer (CLO) Stuart Alderoty and lawyer Bill Morgan, welcomed the announcement as  good omen and emphasized that these developments have set the stage for unprecedented growth in the crypto industry. 

Garlinghouse wrote on X  “After Gensler, all boats rise,” referencing the excitement that this leadership transition had created throughout the business.

“The only ‘efforts of others’ that truly moved crypto markets—by causing massive and prolonged artificial suppression—were those of the SEC,” said Stuart Alderoty, CLO of Ripple. The retirement of Gensler is seen by many in the sector as the conclusion of what they see to be a period of legal animosity towards bitcoin ventures.