XRP Surges Amid SEC Optimism, ETF Buzz, Report Leaks, and Trump's Potential Pro-Crypto SEC Pick

The Ripple-affiliated XRP prices blasted off to reach multi-year highs of $2.47 per token before receding to $2.38 on December 2, the highest since $1.61 in May 2021. With a market capitalisation of $136 billion, Ripple XRP price predictions reached as high as $4.804 from analysts, including Javon Marks, much higher than the token's record high of $3.30 in May 2018.

XRP currently ranks fourth in terms of market capitalisation after falling out of the top 10 following US Securities and Exchange Commission (SEC) charges around regulatory breaches. However, former government officials believe the SEC lawsuit could end soon as Ripple's motion was granted final judgment as President-elect Donald Trump eyes pro-crypto former SEC chair Paul Atkins for the powerful post when he assumes Office in January 2025.

Renewed Certainty Over The End Of Ripple's Years-long SEC Battle

Ripple's XRP price had lagged throughout the recent Bitcoin and crypto bull cycles due to the long-standing legal battle with the SEC. In December 2020, at the height of the pandemic, the SEC charged Ripple with raising capital through XRP token sales in an unregistered securities offering to US and global investors. "Ripple also allegedly distributed billions of XRP in exchange for non-cash consideration, such as labour and market-making services," according to the SEC press release.

Last year, US District Judge Analisa Torres ruled that part of the XRP issuance was classified as a security in institutional sales while the rest were not when sold to retail investors via crypto exchanges. The rule prompted the SEC to slap a $2 billion fine on Ripple, but the US court settled down at a $125 million penalty instead. However, Judge Torres denied the SEC's motion to appeal the ruling in October of this year. The regulator filed an appeal with the Second Circuit Court of Appeals anyway.

More recently, a US court granted Ripple's motion for final judgment, which ensures no further delays in resolving the claims, offering signs of hope for Ripple XRP investors as uncertainty around the token's regulatory status continues to decline. Although one claim for relief against Ripple persists, the SEC and Ripple will lodge a motion to lift the stay within 30 days of the appeals process ending. Ripple management also submitted detailed records of how much they spent on litigation costs.

Former US Commodity Futures Trading Commission chair Chris Giancarlo believes the SEC should reassess its approach towards the Ripple case, given the potential upcoming regulatory shift in the crypto industry led by Trump. On the SEC dropping the Ripple lawsuit, Giancarlo told Bitcoin.comNews: "I think they should...I would bet they would...I would recommend that it's time for regulatory agencies to drop a lot of these cases where they've lost at the trial."

Investors Bet On Trump Appointing A Pro-Crypto SEC Chair

Speculations around Trump bringing pro-crypto former SEC commissioner Paul Atkins back to the helm gained momentum during Thanksgiving as Bloomberg reported that the Trump-Vance transition team interviewed Atkins to chair the SEC. Trump is set to finalise his decision very soon. Atkins has been a long-term supporter of digital assets. Former SEC Office of Internet Enforcement Chief John Reed recently said Atkins would "likely reverse course on the SEC's crypto-enforcement efforts...Paul favours free markets and hates over-regulation – which should be a net positive for the cryptoverse."

Leak Suggests Ripple Could Be Allowed To Issue A New Stablecoin

Fox Business recently reported, citing anonymous sources, that the New York Department of Financial Services could soon approve a new stablecoin issued by XRP developer Ripple, with a potential launch slated for December 4. Stablecoins are digital currencies pegged to stable assets like the US dollar. They are used as a store of value and an exchange medium for swift and cheaper global transactions using blockchain technology.

Upon regulatory approval, Ripple can deploy its RLUSD stablecoin via Standard Custody & Trust Company, chartered by the New York regulator, for public use. The move will likely result in Ripple partnering with payment providers, including Moonpay and Bitstamp, driving the $190 billion stablecoin market while positioning itself as a top player in New York's digital finance space.

BlackRock and JPMorgan Eye XRP ETF Launch

The world's top financial giants, BlackRock and JPMorgan Chase, will reportedly submit an XRP ETF application to the SEC as Ripple's battle with the SEC nears its end. Meanwhile, BlackRock plans to inject massive capital into XRP in a historic liquidity boost, which could attract global institutional and retail investors, accelerate crypto adoption, and bring the XRP token to the forefront of the finance industry.

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