Why XRP Price is Surging Today?

XRP, the 7th largest cryptocurrency, has surged by around 15% in the last 24 hours, outperforming the broader crypto market. While Bitcoin and Ethereum saw losses of 1.4% and 3.8%, respectively, XRP briefly crossed the $0.80 mark. This strong rally is fueled by two main factors: speculation about SEC Chair Gary Gensler’s potential resignation and Ripple’s upcoming stablecoin launch, RLUSD.

Here are some interesting factors that excited the XRP investors this week. 

Could Gensler’s Resignation Favor XRP?

One of the key reasons behind XRP’s recent price increase is growing speculation about Gary Gensler, the U.S. SEC Chair, potentially stepping down. In a recent speech, Gensler reflected on his time at the SEC and the efforts to modernize financial regulations, especially in the crypto sector. He confirmed that Bitcoin is not considered a security, aligning with former SEC Chair Jay Clayton’s stance.

However, Gensler’s comments about the need for clearer rules for digital assets, along with his expression of gratitude for his time in office, have led to questions about his future at the SEC. If Gensler resigns, it could create a more favorable regulatory environment for XRP and other cryptocurrencies.

Additionally, at least 18 U.S. states have filed lawsuits against the SEC for overreach, and many are hopeful that a potential Trump victory could lead to clearer crypto regulations.

Curious how the Ripple vs SEC case is affecting XRP? Read our XRP price prediction and discover what’s next for this crypto!

Ripple’s RLUSD Stablecoin Launch: A Boost for XRP?

Ripple’s upcoming stablecoin, RLUSD, has also played a major role in XRP’s recent price surge. The stablecoin, pegged to the U.S. dollar, will launch on both the XRP Ledger and Ethereum blockchain. It aims to improve Ripple’s blockchain by increasing speed, security, and cost-efficiency.

Ripple President Monica Long noted that RLUSD is designed to meet growing demand in regions such as APAC, the EU, and Australia, particularly within decentralized finance (DeFi).

Ripple also plans to launch RLUSD under a New York Trust license, which offers a stronger regulatory framework than a traditional money transfer license. This ensures transparency and oversight of the stablecoin’s reserves, which will be fully backed by low-risk, highly liquid assets.

The involvement of the New York Department of Financial Services (NYDFS) guarantees that Ripple will meet strict reserve requirements, boosting confidence in RLUSD’s stability.

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These two developments—Gensler’s potential departure and the RLUSD stablecoin launch—have raised optimism around XRP, driving its recent price surge.