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The price of the XRP Ledger blockchain's native token (XRP) has been rising over the past 24 hours.
According to CoinGecko data, XRP is trading at $1.47, up 31.9% in the last day. The coin is up 68.8% since last week and 180.3% in the last thirty days.
XRP is now the sixth-largest cryptocurrency, with an overall evaluation of $78.7 billion. The rise coincides with SEC Chairman Gary Gensler's announcement that he will resign on Jan. 20, 2025.
XRP's 24-Hour Price Chart | Source: CoinGecko
SEC Boss' Resignation
After the announcement, Ripple Labs Chief Legal Officer Stuart Alderoty remarked that Gensler's resignation announcement had closed the token's challenging chapter. Recall that Ripple Labs (owners of the XRP Ledger blockchain) has been in a legal dispute with the US Securities Exchange Commission (SEC) since 2020.
With Gensler leaving his position, legislative changes favorable to Ripple could occur. Meanwhile, Alderoty also shared his insights into what is expected of a new SEC chairman.
Such expectations include collaborating with pro-crypto commissioners such as Mark T. Uyeda and Hester M. Peirce and working with Congress to produce more transparent crypto regulations. Ripple's legal team has also advocated removing outdated policies, such as the 2018 Hinman speech and the 2019 framework for digital asset research.
RLUSD Gains Recognition
Moreover, the token's momentum is bolstered by the growing significance of Ripple Labs' stablecoin, RLUSD. Built on the XRP Ledger, RLUSD provides scalability, cheap transaction fees, and near-instant settlements.
Recently, RLUSD was added to the Extended Global Forex Data database, joining top fiat and digital currencies in this category. This milestone marks this stablecoin's integration into traditional financial systems, bridging blockchain technology and fiat currencies.
The listing establishes the RLUSD as a viable option for businesses and institutions seeking efficient cross-border payment solutions.
How High Can XRP Go?
Analyst Mikybull predicts a considerable price increase, potentially reaching $12 by March 2025. This projection represents a 1,400% rise from the token's current price of $1.47.
Mikybull's prediction was based on the token's strong momentum, adding that investors should prepare for the coin's historic rise.
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