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The price of the XRP Token (CRYPTO: XRP) from Ripple continues to climb thanks to optimism about the incoming White House administration and potential XRP ETFs, leading to the cryptocurrency recently flipping Tether and Solana to become the third-largest crypto.
What Happened: The price of XRP is up 87% over the last seven days, hitting new one-month and one-year highs.
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The price action could be pinpointed to the anticipation of new leadership at the SEC, a financial institution that has often clashed with Ripple. A new change could see XRP and other cryptos face less or no government resistance moving forward, minimizing risk for investors.
Cryptocurrency experts also told Benzinga that Ripple’s partnerships with financial institutions could be the reason for the increase in cryptocurrency’s price. The filing of several XRP ETFs also has investors excited about a potential larger spotlight on the cryptocurrency and more ways for investors to gain exposure.
While XRP has hit new one-year highs of $2.86 in the last 24 hours and the cryptocurrency is up over 280% year-to-date, the price still trails an all-time high of $3.84 set back in January 2018.
See Also: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it?
Also happening in 2018 was a Ripple community event at the three-day Consensus conference that saw Snoop Dogg booked as the entertainer and performer for the Ripple community.
Snoop Dogg, who has supported the cryptocurrency sector and non-fungible tokens, performed at a private invitation-only Consensus after-party from Ripple Labs on May 15, 2018.
The performance in New York saw several media outlets cover Snoop Dogg’s appearance and the fact that he did not talk about investing in cryptocurrency during his performance. Instead, the event was much like a celebration for the XRP community. Ripple previously said they did not pay Snoop Dogg with XRP tokens for his appearance.
