Why is Ripple (XRP) price going up today?

TL;DR

XRP hit a three-year high, possibly driven by multiple bullish factors. One of them includes a possible settlement of the Ripple v. SEC case as Gary Gensler prepares to step down. XRP on the go

Ripple’s XRP is the 20th best performing cryptocurrency today (November 29). Its price jumped to almost $1.63, a level last seen in the spring of 2021. It is currently trading around $1.61 (according to CoinGecko data), representing a daily increase of 10% and an amazing 200% bomb last month.

XRP Price, Source: CoinGecko

One factor that may contribute to its recovery is the recent development surrounding Ripple’s stablecoin RLUSD. Earlier this week, user X Vet claimed that almost all chips have been burned, sparking rumors that the product’s launch is imminent. However, Monica Long (President of Ripple) recently said that RLUSD will see the light of day once it receives regulatory approval from the NYDFS.

Another element could be increased speculation that the legal battle between Ripple and the US Securities and Exchange Commission (SEC) could be coming to an end. A few days ago, the chairman of the regulator, Gary Gensler, announced that he would leave the post in January next year. He is known for his anti-crypto stance and, unsurprisingly, the XRP army applauded the news of his upcoming exit.

The community is now hoping for a pro-crypto leader and a favorable outcome to the lawsuit that has been ongoing for nearly four years.

Several experts believe that Ripple could benefit from the change. US Attorney Jeremy Hogan predicted that the agency might drop all non-fraudulent crypto lawsuits filed over the years. He believes the Ripple case could be settled for the previously ruled amount of $125 million.

“It would be…inconvenient to settle for less than a court has already awarded! The Coinbase and other litigious cases will simply be dismissed. That will take some time. Not January, but maybe before the summer. This is my call, and they tie me up,” Hogan said.

Chris Giancarlo (former chairman of the CFTC) also envisioned a similar scenario. Earlier this week, he speculated that the SEC might dismiss the lawsuit against Ripple under Donald Trump’s administration.

Bonus: the potential ETF

An additional factor that could have had a positive effect on the price of XRP is the latest move by Bitwise Asset Management. The entity submitted a proposal to the SEC for a new ETF that would include ten cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), Bitcoin Cash (BCH), Polkadot (DOT) and Uniswap (UNI).

It is important to note that each asset in the crypto index ETF is assigned a specific action. BTC takes the lion’s share at 75.1%, while XRP accounts for 1.5%.

The launch of these products has previously led to a rally in the prices of the underlying cryptocurrencies. It will be interesting to see if the regulator will approve the development and if it will affect the market.

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