- Ripple Labs’ XRP has surged since Donald Trump’s election, doubling its value to $1.80.
- The cryptocurrency faced a long SEC lawsuit, causing significant volatility and a steep drop to $0.30.
- Despite challenges, XRP has made over 736% returns for investors since the initial SEC lawsuit in 2020.
Ripple Labs is easily one of the most popular cryptocurrencies of recent times. Since the start of November, the fast ascension of its currency XRP has led Ripple to become even more of a household brand in crypto, with personalities like its CEO Brad Garlinghouse appearing on business TV shows almost daily.
Unfortunately, this wasn’t ever the case for Ripple. The digital payment protocol company had a rapid ascension in popularity during its upbringing, hitting in 2018 its all-time highest price above $3.00.
The next few years weren’t as good. Particularly in 2020 — Ripple Labs was hit with a lawsuit from the SEC, claiming that the company was performing unregistered offers and sale of securities; and offering the sales of unregistered securities.
What followed was a long-lasting debate that, to this date, still hasn’t come to a conclusion. During these times, however, XRP became a lot more volatile as investors deemed it too risky to hold with the potential loss against the SEC.
The following years saw a few short moments of bullish momentum for the currency, but mostly, XRP traded at a downward trend. Many deemed it to be on its way to becoming a ‘dead coin’ as it seemed inconceivable for Ripple to survive being categorized as a security.
During its lowest point, XRP hit as low as below thirty cents in June 2022. For the majority of the time afterward — the currency mostly traded sideways, until seeing a small resurgence on June 2023 with indications that the SEC could lose its lawsuit against Ripple.
As 2024 came, the same scenario ensued. With constant negative pressure on the media and recurrent legal jabs from the commission — Ripple remained around the $0.60 level. However, Donald Trump’s victory on November 5th has completely reshaped this scenario, and XRP has become one of the market’s biggest earners since.
The logic behind this massively positive investor sentiment towards the coin is that — the new Republican President is likely to replace the SEC command. And given his heavy pro-crypto stance of recent years, Trump will more than likely appoint someone who favors digital assets.
This has led XRP to more than double its value, and it is currently trading at the historic milestone of $1.80. Currently, the coin trades at its second-highest-ever price, only behind the short 2018 boom.
Investors who held on to their XRP tokens since the first SEC lawsuit against Ripple dropped in December of 2020 have made over 736% yields since then.
Undoubtedly, XRP’s resurgence marks a significant turn of events, highlighting how the currency could be trading ‘undervalued’ throughout all these years.
