President-elect Donald Trump's election victory in November and recent rumours that the SEC may drop its lawsuit against Ripple have caused a weeks-long surge in the value of the XRP token, which is associated with Ripple Labs, making it the fourth-largest cryptocurrency globally in terms of market capitalisation.
The price of XRP increased by 21% in the last day and by about 50% from the previous week, peaking at $2.50 early on Monday and then dipping slightly to $2.30. On Monday, XRP's market capitalisation increased from about $30 billion to $131 billion after Trump's election triumph.
Over the weekend, XRP's market capitalisation surpassed $100 billion for the first time since 2018 and emerged as the fourth most valuable cryptocurrency globally, surpassing Solana's SOL.
With a market value of around $1.89 trillion, Bitcoin, whose value has fluctuated around $100,000 over the last week, continues to be the most expensive cryptocurrency in the world. Ether, on the other hand, has a market value of $436 billion. In 2020, the Securities and Exchange Commission filed a lawsuit against Ripple Labs, the company that created the XRP payment system and utilises the cryptocurrency for its payments network. The organisation was charged by the agency with selling XRP coins without registering them as securities.
The regulatory body suffered a setback in July of last year when a federal judge decided that Ripple had not broken securities law by offering the coin for sale on open markets. The SEC appealed the decision to the U.S. Court of Appeals in October of this year for the
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