Ripple (XRP) is approaching the $3 barrier – here’s what’s driving the rally

with Trump He is scheduled to be inaugurated as president less than a week from now, positive sentiment in the country encryption Space is gaining momentum.

This has mostly been the case since Trump won the November election, as unlike the past, the new administration will be full of crypto enthusiasts. Trump has even described himself as the first “crypto president,” and while it would be wise to take such a statement with a grain of salt, it looks like cryptocurrencies will get more love from this administration than previous ones. .

One thing the cryptocurrency industry is definitely looking forward to is the change of guard that will happen at the US Securities and Exchange Commission (SEC). Crypto foe SEC Chairman Gary Gensler is set to leave on January 20 when Trump is sworn in and Trump’s nominee to replace him is cryptocurrency fan and former agency commissioner Paul Atkins.

So, cryptocurrencies have gained more power since Trump won the election, and nothing more ripple (XRP)the third most valuable currency. XRP has risen a whopping 478% since early November.

Meanwhile, the agency is preparing to file its opening brief in its appeal against Ripple, which it filed in October 2024, following a July 2023 ruling that partially sided with Ripple. The court decided that the company’s XRP sales to retail investors through exchanges did not violate US securities laws. But while the SEC rejected Ripple’s request to delay filing its opening brief, indications are that big changes will happen once Trump takes over.

According to a recent Reuters report, the SEC may be preparing to suspend no-fraud Cryptocurrency Cases currently pending in court. It is possible that some of these cases will be dismissed, as suggested by unnamed sources in the report. Obviously, this could have positive implications for Ripple.

The report also notes that the agency plans to begin reviewing its cryptocurrency policies as early as next week, once Gensler is out of the picture. The Republican majority, which includes Commissioners Mark Ueda and Hester Pierce, is expected to focus on establishing clearer guidelines for determining whether specific tokens qualify as securities.

XRP investors appear to be taking a positive stance on these developments, sending the token up nearly 9% today as it approaches the highly anticipated level of $3.

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