XRP Surges Past $3 Despite SEC Ripple Appeal, Reaches 7-Year High

XRP Cryptocurrency Breaks $3 Mark After 7 Years, Defies SEC Appeal

XRP, the native token of the XRP Ledger, has surged above $3 for the first time since 2018, marking a remarkable 13% gain in the past 24 hours. The price surge has outperformed major cryptocurrencies like Bitcoin, Ethereum, Solana, and Cardano, fueled by a hefty 32% increase over the previous seven days.

Members of the XRP community, known as the XRP Army, are ecstatic about the milestone. Many long-term holders who weathered the storm of doubts and lows following the SEC lawsuit against Ripple in late 2020 are celebrating this resurgence. Twitter is abuzz with supportive messages from XRP enthusiasts, with one acknowledging the struggles endured by those who held on during challenging times.

The recent surge in XRP’s price comes in the wake of the SEC filing an appeal against a 2023 ruling that previously determined XRP was not a security when traded on exchanges. Despite the regulatory uncertainties, XRP has continued its bullish trajectory, surpassing $3 and approaching its all-time high of $3.40 recorded in January 2018.

Ripple’s Chief Legal Officer, Stuart Alderoty, dismissed the SEC’s appeal as a repetition of failed arguments, hinting that it may be abandoned by the upcoming administration. Notably, SEC Chairman Gary Gensler is set to resign on January 20, adding an air of transition to the regulatory landscape governing cryptocurrencies like XRP.

Veteran XRP holders like Sir Beef view the appeal as a desperate move by the “old guard” before fading into irrelevance. Despite the appeal, XRP’s price surged to $3.18, suggesting resilience and maturity in the face of adversarial regulatory actions. The crypto asset’s performance in late 2024 and its current market movement indicate a robust trading volume of $25 billion over the last 24 hours, reflecting a significant 126% increase from the previous day.

The XRP community remains optimistic about the future trajectory of the token, expressing confidence in its ability to sustain the upward trend. Despite its tumultuous history, XRP’s recent performance showcases its resilience and potential for growth in a dynamic and evolving crypto landscape.

In conclusion, XRP’s remarkable price surge above $3 symbolizes a significant milestone for the cryptocurrency, defying regulatory challenges and market uncertainties. The XRP Army’s unwavering support and bullish sentiment reflect a community committed to the long-term success of the token, signaling a positive outlook for XRP’s future performance in the crypto market.