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Why is XRP rising today?

History Highlights

  • NYDFS approval of RLUSD could position Ripple as a major stablecoin competitor.
  • Court ruling that XRP is not a security boosts confidence in Ripple’s future.
  • XRP surges 32%, becoming the third-largest cryptocurrency by market cap, behind Bitcoin and Ethereum.

Ripple’s XRP is back in the spotlight, with its price up 32% today. This impressive rise has pushed XRP above USDT, making it the third-largest cryptocurrency by market cap. It is currently trading around $2.42, marking a remarkable weekly gain of 70% and a whopping 377% increase over the past month.

Ripple’s RLUSD stablecoin is awaiting approval from NYDFS

One of the main reasons for XRP’s growth is the news of Ripple’s stablecoin RLUSD. According to reports, the New York Department of Financial Services (NYDFS) may soon approve RLUSD, with Ripple planning to launch on December 4. If approved, it would allow Ripple to enter New York’s strict digital finance market, strengthening its position in the stablecoin ecosystem.

Ripple aims to position RLUSD as a competitor to major stablecoins such as Tether (USDT) and Circle’s USDC. RLUSD will act as a liquidity bridge on the Ripple network, working alongside XRP to power Ripple’s global payment offerings.

Growing Optimism for XRP ETF

Another reason for the rise in XRP price is the growing expectation for an XRP ETF (exchange-traded fund) in the US. With hopes of a more favorable crypto environment under a potential Trump administration, major players such as Bitwise Invest, 21Shares, and Canary Funds have already filed applications for an XRP-based ETF. WisdomTree recently filed its application, further fueling the market excitement.

Victory for Ripple and Gary Gensler’s departure

Ripple’s recent victory in a legal battle with the SEC has also revived investor confidence. The court’s decision that XRP is not a security in most cases has set a precedent for the entire crypto industry.

Added to this is the announced resignation of SEC Chairman Gary Gensler, scheduled for January 2025. His departure could impact Ripple’s ongoing legal challenges, potentially tilting the decision in the company’s favor.

XRP Price Prediction

XRP has been showing strong growth as the cryptocurrency market recovers. Its performance often moves in line with the overall market trend. If Ripple continues to build partnerships and win more lawsuits, the price of XRP could rise even further. It could reach $3.00 to $5.00 in the coming months if investor interest continues to grow.

However, there is also a downside risk. Bad news, such as new SEC charges or a market downturn, could push XRP back to $1.50 to $2.00.

Ripple vs. SEC Case Amid Potential Changes to U.S. Crypto Regulation

XRP has recovered its pre-lawsuit value, harking back to the period when the SEC declared Bitcoin and Ethereum non-securitised assets in 2018, before William Hinman’s speech in June of that year, citing the “sufficient decentralization” argument. Following that speech, Ethereum’s market cap surpassed XRP’s in November 2018.

The so-called “Hinman emails,” obtained through disclosures in the Ripple case, reveal disagreements among some SEC officials about the content of the speech. They expressed concerns about its impact on the regulatory status of other cryptocurrencies, which remains unclear. Despite these disclosures, the regulatory status of XRP remains unresolved, and legal experts predict that the case could drag on until July 2025.

Attorney John Deaton, a fierce defender of Ripple and XRP investors, has vowed to continue supporting the case, even after his unsuccessful run for Senate. His persistence reflects the importance of this case for the broader crypto industry.

A regulatory turnaround?

Meanwhile, the SEC’s aggressive stance on cryptocurrencies under Chairman Gary Gensler has come under heavy criticism, with calls for regulatory clarity growing louder. Gensler’s expected resignation could be a turning point. Observers suggest that his departure could pave the way for a more favorable crypto regulatory environment, especially under a crypto-friendly administration.

The general sentiment is that the current Trump administration could introduce crypto-friendly policies. Under such an administration, Ripple’s legal standing could improve, potentially ending years of regulatory uncertainty.

Warnings of market volatility

Despite recent gains, analysts are warning of potential sell-offs by XRP “whales” amid significant increases in transactions to exchanges.

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