[NEWS] XRP reaches all-time high of 500 yen in Japanese yen and highest level in 7 years in dollar terms

XRP rose to the 500 yen range on the 16th in Japanese yen, breaking its all-time high. In dollar terms, it reached $3 for the first time in seven years since January 2018.

Following the release of the US CPI (Consumer Price Index) on the 15th, excessive inflation concerns have eased and funds have flowed into the cryptocurrency (virtual currency) market. Major stocks such as Bitcoin (BTC) and Ethereum (ETH) have all risen in price, but XRP has seen its price increase significantly.

With the inauguration of Donald Trump as US President, SEC (US Securities and Exchange Commission) Chairman Gary Gensler has decided to resign, which is a major positive factor. The SEC has been tightening the screws on many cryptocurrency-related companies, including Ripple, but it is expected that Paul Atkins, a cryptocurrency advocate, will take over as the next SEC Chairman. As a result, there is hope that there may be positive developments in the ongoing lawsuit between the SEC and Ripple.

Meanwhile, the SEC is showing its intention to stick to its policy until the day of the change in the system. Ripple's Chief Legal Officer Stuart Alderoty said on the 14th that the company had requested the SEC to postpone the appeal hearing on the XRP securities issue handed down in July 2023, but the request was rejected. Alderoty criticized the SEC's hardline stance, saying it was a "waste of time and tax money."

As previously reported, cryptocurrency regulations and the lawsuits that the SEC has filed so far are likely to be reviewed shortly after Trump takes office. The lawsuit between Ripple and the SEC is no exception, and there is a growing view that the lawsuit will ultimately be dropped. Therefore, the market has already factored in these SEC moves, and XRP's price has risen in response to other positive factors.

Reference: Alderoty's X
Image: Shutterstock

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