XRP zoomed as Gary Gensler’s announcement of stepping down in January as chairman of the U.S. Securities and Exchange Commission (SEC) kept a multiweek bullish trade going.
Apart from Gary's announcement, there is another reason which we call alt season. If you look at the market almost every altcoin is going through a significant pump because the alt coins season has started.
XRP is closely-related to Ripple Labs, a high-profile payments company targeted by the SEC since 2020 on allegations of selling the token as a security to U.S. investors. Ripple fully cleared a long-drawn court case in 2024, bringing the spotlight back on XRP, a major token that commands a $77 billion market capitalization.
The case cannot be ruled out as over as the SEC has appealed against the court decision. It is still ongoing and a decision is awaited from the court.