XRP Price Soars 200% In A Month, This Is The Cause

XRP prices skyrocket again. (Photo; Doc. CoinMarketCap)

JAKARTA - Ripple (XRP) recorded its best performance among the top 20 cryptocurrencies today (November 29). XRP prices jumped to 1.63 US dollars, or around IDR 25.754, the highest figure since spring 2021. Currently, XRP is trading in the range of 1.61 US dollars or IDR 25.438, up 10% in a day and 200% in the past month.

One of the main drivers of this increase is developments related to the Ripple stablecoin, RLUSD. This week, a user X claimed that almost all RLUSD tokens had been burned, sparking speculation over the launch of the product. However, Ripple's President, Monica Long, stated that RLUSD will only be launched after obtaining regulatory approval from the NYDFS (New York Department of Financial Services).

Other news comes from speculation over the end of a legal conflict between Ripple and the US Securities and Exchange Commission (SEC). A few days ago, SEC Chairman Gary Gensler announced he would step down in January 2024. Gensler is known as an anti-crypto figure, so this news was received positively by the XRP community.

The community is optimistic that the SEC's new leader will be pro-crypto, opening up opportunities for positive results in the lawsuit that has lasted nearly four years. Several experts, such as US lawyerJeremy Hogan, predict the SEC can settle the Ripple case with the previous fine amount, which is 125 million US dollars (around Rp1.975 trillion).

In addition, the Bitwise Asset Management move to submit a new ETF proposal is also a positive catalyst. The ETF includes 10 crypto assets, including Ripple, Bitcoin, and Ethereum, with XRP having a 1.5% allocation.

The launch of similar ETFs in the past has often triggered an increase in the price of basic assets, and this is expected to repeat itself if Bitwise's proposal is approved by the SEC.