Ripple (XRP) price explodes above $1

The bull market seems to be in full swing and some altcoins are definitely performing better than others.

Case in point is Ripple’s XRP, which is up 32% in the last 24 hours alone.

At the time of writing, XRP is trading at just under $1.20 and is the best performing cryptocurrency among the top ten coins and one of the leaders of the top 100 coins by total market capitalization.

But why is the price of XRP rising today? Well, just a few days ago, the current chairman of the US Securities and Exchange Commission, Gary Gensler, wrote an open letter, which many thought was his de facto farewell note. Remember that President-elect Donald Trump has promised to fire him on the first day of his presidency. It will be inaugurated on January 20, 2025, but the community obviously thinks that Gensler will step down before then.

This also has to do with the ongoing lawsuit between the SEC and Ripple and many believe that if Trump appoints a pro-crypto president, that would play in the company’s favor.

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