XRP hits new high above 2.80 amid fresh bounce

• XRP price reached $2.82, its latest high as bulls dominate.
• The cryptocurrency surged amid reports that Donald Trump could name his SEC Chair pick in coming hours.
• XRP traded at an all-time high of $3.40 in January 2018 and struggled amid SEC lawsuit filed in Dec. 2020.

XRP, the cryptocurrency that has seen the most gains among the top 10 coins in the past few weeks, has spiked to a new high above $2.80.

The cryptocurrency of the Ripple ecosystem soared another 20% on Tuesday to lead the largest crypto assets by market cap as its price crossed $2.82 for its highest level since 2018. With this surge, XRP bulls are now eyeing the $3 level, a landmark level that could open up another vertical run past the all-time high of $3.40 reached on January 7, 2018.

Why is XRP soaring today?

XRP has soared 110% in the past week and 457% in the past month – gains that go back to Trump’s win on November 5, 2024.

As most coins edged higher, led by Bitcoin’s rally to near $100k, XRP accelerated past $1 and then $2. This came as the community reacted to news that SEC Chair Gary Gensler will step down on January 20, 2025.

Ripple’s legal woes, which had the SEC suing the company in December 2020, helped constrain XRP’s price. However, with Ripple winning an epic court battle that ended with XRP declared not a security, bulls have looked to make up for lost time.

The latest uptick in prices comes amid news that president-elect Donald Trump could name Gensler’s replacement as SEC Chair “soon as tomorrow.”

Fox Business journalist Eleanor Terrett shared the news on X early Dec. 3.

🚨NEW: @realDonaldTrump’s pick to replace @GaryGensler as @SECGov Chair could be announced as soon as tomorrow, sources tell @FoxBusiness. Stay tuned 📺.

— Eleanor Terrett (@EleanorTerrett) December 3, 2024

XRP has also benefited immensely from the recent spate of positive ETF related news. On Monday, asset manager WisdomTree joined several firms that have filed for XRP spot ETFs with the SEC. WisdomTree’s S-1 filing joins applications by Bitwise, 21Shares and Canary Capital.

The firms seek the listing and trading of exchange-traded funds that track the daily price of XRP. A change at the SEC has the community highly bullish on the potential approval for the products.

Analysts looking at these factors and the overall market outlook are extremely bullish on XRP. Many see the XRP price spiking past the ATH reached almost 7 years ago as it cements its position as the third-largest cryptocurrency behind Ethereum and Bitcoin.