- XRP hits $2.97 after 7 years
- 14.62% daily gain and 417% yearly growth
- Last day for the SEC to Appeal Judge Torres’ decision
Ripple Labs’ XRP token has just hit an incredible milestone. Today, on January 15th, the altcoin hit above $2.90 for the first time in 7 years. At this time of writing, the asset trades at $2.97 boosted by an incredible volume pump of $16 billion traded in the last 24 hours.
XRP’s daily performance is also a sight to behold for holders. Over the last trading day, the currency gained a whopping 14.62% in value according to CoinMarketCap. This recent performance adds up to a 22.86% increase over the week and an incredible 417% yearly growth.
XRP Puts Tether Behind in The Market Cap Race
Since climbing through the rankings of most valuable cryptocurrency by market capitalization, XRP and USDT have been competing with each other for third place in the rankings of most valuable crypto projects.
Since early November, XRP has more than doubled in value growing its market capitalization from only $30 billion to today’s $170 billion. While Tether has been in contention for the last few weeks, XRP’s most recent performance may have solidified the project in third place as it outpaced USDT by nearly $40 billion.
Why XRP is Up Today
Today’s rally can be attributed to the possibility of the Securities and Exchange Commission dropping the appeal to challenge the July 13, 2023 ruling by New York Judge Analisa Torres. At the time, Judge Torres ruled that XRP sales did not constitute security sales, directly challenging the SEC’s base for the lawsuit.
The commission has up until midnight of January 15th, 2025, to appeal the decision. As of right now, the market is counting up the minutes to see if Gary Gensler will leave office with a final [word] for the cryptocurrency market.
In truth, things are looking brighter for Ripple even if files an appeal on this date. Recently on Twitter, CEO Brad Garlinghouse publicly criticized Gary Gensler’s decision to not postpone the filing of their opening brief in their appeal.
However, the fact that Gensler does not trust the next SEC Chair to continue representing his doctrine in the commission can also be seen as a partial victory for cryptocurrency firms. Paul Atkins—the next Chair appointed by Donald Trump—is known for his stance regarding the push for clearer and less strict regulation for cryptocurrency assets in America.
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