XRP Overtakes Bitcoin with 14% Upside and Growing Interest on Google – DL News

XRP leaves the rest of the cryptocurrency market in the dust. This includes Bitcoin.

XRP rose 14% on Thursday as investors piled into the cryptocurrency tied to Ripple, the blockchain-based cross-border payments project.

This was 13 times better than Bitcoin, which rose a relatively meager 0.8%, according to CoinGecko data.

Online search interest for XRP also surpassed Bitcoin last week, according to Bitcoin.com Data From Google Trends.

Better yet, XRP is up 45% in the past seven days, and now has a market cap of $192 billion, making it the most valuable cryptocurrency after Bitcoin and Ethereum.

XRP is trading at $3.35 in the late afternoon UK time, approaching its all-time high of $3.40 set in 2018.

Cheeky try

Even supporters of the cryptocurrency associated with Ripple are looking forward to… A cheeky attempt to raise the market cap of Ethereum Due to recent price struggles.

The bullish trend is driven by speculation that Ripple Organizational conflict With the US Securities and Exchange Commission potentially coming to a positive end even though the agency has taken further action against the project.

The SEC this week appealed a court ruling that Ripple’s sale of XRP tokens to retail investors did not violate securities law.

This enforcement action usually reduces the price of the asset in question. Not this time.

“Just noise”

Stuart Alderotti, Ripple’s chief legal officer, dismissed the lawsuit as “just hype” and asserted that the SEC is rehashing “already failed arguments.”

Meanwhile, investors are betting on President-elect Donald Trump’s victory He chooses Replacing Gary Gensler as SEC chief will end the agency’s legal crackdown on Ripple and other cryptocurrency operators like Coinbase and Binance.

Encryption supporter Paul Atkinswho is preparing to face hearings by the US Senate in the coming weeks, is expected to take a much softer approach than the hard-line Gensler. The Goldman Sachs partner once said he would Step down on monday.

Stop the tentacles

Last year, John Reed Stark, a former senior SEC official and outspoken critic of cryptocurrencies, urged the regulator to… Stop all investigations targeting the industry After Trump won the elections.

Stark also said that most SEC cases would stop altogether except for those… It involves gross fraud.

Such sentiments prime the pump for cryptocurrency investors.

Ripple CEO Brad Garlinghouse has joined a long line of cryptocurrency and technology leaders who have made the pilgrimage to Trump’s Mar-a-Lago golf resort during the presidential transition in recent weeks.

Many investors are hoping that an XRP ETF will hit the market, following the Bitcoin and Ethereum ETFs introduced in January.

Bitcoin ETFs attracted Assets worth $107 billion in 2024 This makes it the fastest growing fund ever.

Altcoin ETFs

Many fund managers have I started developing ETFs For Solana and other altcoins.

But it is unlikely to be approved since these tokens do not have existing futures trading products in the US, which is one of the basic requirements for the SEC to greenlight an ETF.

“It is difficult to know exactly how high priority a review of this framework is on the SEC’s agenda at this time,” said Sui Chung, CEO of CF Benchmarks. DL News.

Osato Afan Nomayo He is our DeFi correspondent based in Nigeria. It covers DeFi and technology. Got a tip? Please contact him at osato@dlnews.com.