A token, XRP, links to Ripple Labs Inc. It has vaulted rivals to become the third-largest cryptocurrency in a $100 billion rally. The token rose as much as 15% on Monday to $2.50. In the process, its market capitalization topped $137 billion, up from less than $30 billion on November 5. When Donald Trump emerged victorious in the US presidential election, according to CoinGecko data.
Trump’s win has sparked a wave of speculative enthusiasm across crypto markets. The President-elect is expected to make good on pledges to nurture a favourable landscape for digital asset firms in the US.
Even against that backdrop, XRP’s rally is striking. In recent weeks its market value has surpassed that of rivals. This includes Solana and USDT, Tether’s stablecoin, the CoinGecko data show.
The US Securities and Exchange Commission sued Ripple Labs in 2020, claiming that the San Francisco-based company broke the law by raising money through the sale of XRP without registering it as a security. The agency under Chair Gary Gensler later brought lawsuits against numerous digital-asset firms including Coinbase Global Inc. and Binance Holdings Ltd.
On the campaign trail, Trump vowed to fire Gensler, who now intends to step down in January on the day the President-elect will inaugurate. Trump has vowed to put in place friendly regulators and also backs the creation of a US strategic Bitcoin stockpile.
The crypto market has gained about $1.2 trillion in market value since Trump’s election victory, CoinGecko data show. Market leader Bitcoin, which last month came close to $100,000 for the first time, traded at $96,244. Monday in Singapore. Ether, the second largest token, changed hands at $3,665.
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