XRP crypto price crosses $3 for the first time since 2018

According to data from crypto analytics sites, XRP’s market capitalization increased to $171.5 billion, confirming Ripple’s status as the third-largest digital asset by market capitalization. The only larger cryptocurrencies are Bitcoin (BTC) ($1.9 trillion) and Ethereum (ETH) ($402 billion). 

Why did Ripple’s XRP jump?

The incoming Trump administration and the subsequent market recovery may have contributed to this week’s price surge.

The Securities and Exchange Commission of the United States may temper litigation against cryptocurrency firms. Trump allegedly intends to direct new SEC leadership to rethink litigation that does not involve fraud. 

If true, under Trump’s nominee Paul Atkins, the regulator might halt judicial proceedings involving companies such as Coinbase and Ripple. Both firms were charged with marketing unregistered securities rather than outright fraud. 

However, it is still rare for a new SEC chair to discontinue cases launched by a predecessor. It is unclear how the future SEC administration will handle existing litigation. Furthermore, Atkins’ appointment as SEC chairman is still subject to Senate ratification. 

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