‘American’ crypto coin XRP reaches $3

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Last Updated on 16 January 2025 by CryptoTips.eu

The ‘XRP Army’, the group of fans that root for Ripple Labs’ digital currency, couldn’t believe their luck when the price of their favorite coin rose above $3 yesterday (for the first time since 2018). At the time of writing, XRP is trading for $3,07

The reasons for this are twofold. Firstly, there is the impending departure of Gary Gensler, the current head of the American stock market watchdog SEC, and secondly, the rumor that the new Trump administration wants to make profits made from investment in ‘American’ digital currencies tax-free.

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SEC

The impending departure of Gary Gensler (a man Trump had assured crypto fans he would fire on the first day of his presidency) was very good news for Ripple Labs’ coin. The SEC, under Gensler’s leadership, had launched a huge lawsuit against Ripple in 2020 because it offered XRP for sale on crypto platforms. According to the SEC, this was not allowed under the current rules. Gensler demanded $2 billion from Ripple Labs.

Partly due to that action, XRP missed most of the bull run of 2020 and 2021 as well as that of 2023.

In August of last year, XRP was fined $125 million. A pittance compared to the $2 billion the SEC demanded of course. Many crypto fans now expect the SEC to drop its lawsuit soon.

When Gensler announced after Trump’s victory that he would resign before the new president was sworn into office, the price of XRP finally rose.

American coins

Secondly, there is the (unconfirmed) rumor that the Trump administration wants to abolish taxes on profits made by investing in ‘American’ crypto coins. Although crypto can be traded and offered anywhere, most analysts agree that this is especially good news for XRP, XLM and ADA.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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