bullish

Gary

In an impressive display of growth over the past month, <a href="https://yellow.com/asset/xrp">XRP</a>, Ripple’s native cross-border token, has climbed by approximately 350%, reaching a multi-year high of nearly $2.5. 
This surge has <a href="https://cryptopotato.com/3-possible-reasons-behind-xrps-350-monthly-surge-to-2-5/">propelled</a> XRP to become the third-largest cryptocurrency, marking a significant milestone. This rally can be attributed to several key factors that have influenced its performance and market perception. 
Ripple's momentum has surged significantly following the U.S. presidential elections, boasting remarkable gains. Despite an initially slow start, XRP's value soared from $0.6 to $2.5, marking its highest price since January 2018. Brad Garlinghouse, CEO of Ripple, previously suggested that U.S.-based crypto companies have thrived since Trump's victory, aligning with the notion that Democrats' cautious stance on the industry led to Ripple's recent rally. 
Notably, whales have vigorously accumulated XRP this past month, achieving a 6-year high. Reports reveal they are buying from retail investors eager to profit, as indicated by data from Santiment, which highlights large wallets amassing over 679 million coins in just three weeks. The increase in non-empty addresses, now surpassing 5.5 million, further emphasizes the bullish sentiment surrounding XRP. 
Despite a prolonged courtroom struggle with the U.S. SEC, Ripple's announced plans to introduce a stablecoin, pegged 1:1 with the U.S. dollar, have been met with anticipation. This venture into the expansive stablecoin market hinges on regulatory developments expected under Trump's administration. As reports from FoxBusiness suggest, approval from the New York Department of Financial Services (NYDFS) appears promising, with a possible launch slated for December 4. The buzz around this stablecoin initiative seems to be fueling XRP's current upward trajectory. 
The third factor contributing to XRP's surge involves prospective regulatory changes in the U.S., crucial to the cryptocurrency's future. The SEC and other authorities held sway over Ripple and similar firms during Biden's era, significantly impacting their operations. 
However, with Trump having made various crypto-friendly commitments and Gary Gensler set to depart his SEC role on January 20, there is optimism for a regulatory environment conducive to crypto businesses in the U.S., the world's largest economy. Since the elections, over $1.3 billion has flowed into the crypto markets, with XRP, which many claimed was constrained under Gensler's SEC leadership, finally breaking free.

XRP Skyrockets 350% to $2.50: Here's What's Behind the Surge

Yellow News

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