Recently, the cryptocurrency market has experienced a remarkable recovery, with veteran cryptocurrencies shining brightly. Among them, XRP's performance has been particularly impressive. According to MEXC data, XRP's price soared past $1.6, reaching a three-year high.
Unlike meme coins, which are often driven by social hype and exhibit high volatility, veteran cryptocurrencies like XRP are reclaiming their positions in the crypto market with steady growth and a solid foundation.
This resurgence is not without reason; it is the result of a combination of advantages and opportunities unique to XRP and similar veteran cryptocurrencies. XRP's strong momentum reflects the interplay of these factors.
With the anticipated leadership change at the U.S. Securities and Exchange Commission (SEC), the protracted Ripple lawsuit is seeing new developments. Since December 2020, Ripple has been embroiled in a legal battle with the SEC, which accused the company of raising $1.3 billion through the unregistered sale of XRP as securities. However, court rulings have increasingly sided with Ripple, with one decision stating that secondary market sales of XRP do not constitute securities offerings.
Recently, the SEC attempted to appeal Judge Analisa Torres’s latest decision favoring Ripple, but news of SEC Chair Gary Gensler's departure has injected optimism into the market. Investors widely anticipate that lawsuits against Ripple and similar companies may soften, settle, or even be withdrawn. This potential shift in regulatory stance provides a more favorable environment for XRP's recovery.
As regulatory restrictions ease, multiple institutions are actively pursuing the launch of XRP-related ETFs, further solidifying XRP's market position.
On October 2, Bitwise filed an S-1 application with the SEC for an XRP ETF, following its successful Bitcoin and Ethereum ETFs. Shortly after, on October 8, Canary Capital applied for a spot XRP ETF, leveraging CME’s CF Ripple Index to track XRP prices. On November 2, 21Shares also filed for an XRP ETF named “21Shares Core XRP Trust.” Ripple, too, has been making strides, announcing on November 26 the launch of the first tokenized money market fund on the XRP Ledger, tokenizing $4.77 billion in liquidity from its partner, Abrdn.
Bloomberg ETF analyst James Seyffart predicts that by 2025, a new SEC leadership could adopt a more open stance toward cryptocurrency, potentially allowing ETF products to include staking features. These developments reduce concerns about XRP's legitimacy while boosting its integration and recognition in the crypto finance sector.
With Ripple's legal progress and the improving regulatory environment, market confidence in XRP is steadily growing. Investors are reassessing its intrinsic value and entering the market, further accelerating XRP's recovery.
Data shows that as of November 18, altcoin weekly trading volumes surpassed $300 billion for the first time since 2021, highlighting the market's activity and renewed investor confidence in veteran cryptocurrencies. Notably, DOGE, XRP, SOL, and PEPE accounted for 60% of this volume, drawing significant attention.
MEXC provides users with secure, efficient, and convenient cryptocurrency trading services. As a leading platform in the industry, MEXC offers a wide range of trading pairs, including BTC, ETH, and XRP. Known for its advanced technology, strict security measures, and exceptional customer service, MEXC is an ideal choice for investors seeking to trade XRP.
Here is a demonstration of how to purchase XRP on the MEXC App:
Step1: Log in to the MEXC App and tap [Trade].
Step 2: Select [Spot], then search for XRP/USDT.
Step 3: Tap [Buy XRP] to complete your purchase.
Disclaimer: This information does not provide advice on investment, taxation, legal, financial, accounting, consultation, or any other related services, nor does it constitute advice to purchase, sell, or hold any assets. MEXC Learn provides information for reference purposes only and does not constitute investment advice. Please ensure you fully understand the risks involved and exercise caution when investing. The platform is not responsible for users' investment decisions.