- XRP once held the second-largest cryptocurrency position, experiencing significant market challenges due to the SEC’s lawsuit against Ripple.
- The cryptocurrency has surged over 100%, reaching $1.09 and becoming the sixth-largest crypto, with optimistic predictions about future regulatory developments.
Ripple CEO Brad Garlinghouse has revisited the early days of XRP, highlighting its prominence in the cryptocurrency market. In a recent video shared by Altcoin Daily on Twitter, Garlinghouse noted that XRP was once the second-largest cryptocurrency, even surpassing Ethereum (ETH), before the U.S. Securities and Exchange Commission (SEC) began its regulatory actions.
Ripple CEO: “Before the SEC got involved in crypto, $XRP was the 2nd most valuable digital asset.” pic.twitter.com/ysCxY0YxJd
— Altcoin Daily (@AltcoinDailyio) November 17, 2024
The SEC’s lawsuit against Ripple in 2020 presented the coin XRP as a security that still managed to cause significant damage to its price and marketing engagement. Garlinghouse, while meditating on this Situation, remarked on the disarray brought about by the SEC in the growth of XRP. He stated that Ripple has spent over $150 million defending the lawsuit but remains optimistic about resolving the case favorably.
XRP’s Legal Struggles and Market Resilience
Despite the ongoing legal battle with the SEC, XRP has shown signs of recovery. Garlinghouse remained optimistic, highlighting a shift in market momentum as the cryptocurrency turns bullish again. A pseudonymous trader on X, “Lucky Chart Ape,” has predicted that XRP could hit a target of $9 by March 2025, based on the recent breakout of its trendline resistance.
Although this prediction might seem audacious, Garlinghouse remains confident that XRP’s future is bright, especially if the regulatory environment becomes more favorable. In these challenges, the recent price surge has reignited excitement among its supporters. XRP has risen by over 100% in the last week, reaching $1.09 and overtaking Dogecoin (DOGE) to become the sixth-largest cryptocurrency by market cap.
This increase is due to the bullish momentum for Bitcoin’s price, which coincided with other positive factors. Two weeks before Donald Trump’s inauguration, some observers expect swift changes to the US government’s policy that will benefit XRP, especially if Trump makes good on his campaign promise to oust SEC Chairman Gary Gensler.
XRP Surges Amid Market Optimism
XRP has gained 102% over the last week, bringing its market price to $1.09. The currency now sits above DOGE as the sixth-largest cryptocurrency. Rapid growth has seen many of Ripple’s followers compare it to the situation in 2018 when XRP was positioned second to Bitcoin in the market.
Like many other digital currencies, XRP has benefited from the rising tide in the crypto market, buoyed chiefly by Bitcoin’s previous record of $93k. The uncertain US market with a potential Trump presidency has raised optimism for a more positive cryptocurrency regulatory climate, and many changes are expected in the SEC’s stance.
Brad Garlinghouse, the CEO of Ripple, maintains his optimism. In his view, the token can help transform international transactions, such as how sending emails has transformed communication. He is also optimistic that the current lawsuit between XRP and regulatory bodies will help bring much-needed definition and fairness to the crypto landscape.
XRP holders have remained committed to all the challenges. Recent optimistic predictions about the currency’s momentum and the blustering pro-crypto President Trump suggest a significant resurgence, which would ensure XRP a strong foothold in the market.