XRP, the native coin of the Ripple network, has surpassed a significant $3 price mark, a peak not reached since 2018, marking a crucial milestone for the token.
According to data from CoinMarketCap, XRP has risen over 15% in the past 24 hours, maintaining the momentum of a rally following a recent dip.
XRP’s surge is part of a larger recovery in the crypto market, which has been gaining momentum since late December 2024. Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market capitalization, have also experienced notable price increases, adding to the overall positive sentiment in the market.
Could Ripple Be Nearing Victory?
XRP’s rally comes months after Ripple Labs gained ground in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The lawsuit, which centers around whether XRP should be classified as a security, has plagued the token for years and caused significant uncertainty in its price.
In recent weeks, Ripple has made substantial progress in the case, with positive developments suggesting that the company could be closer to a favorable ruling. Legal experts believe that if Ripple prevails in court, it could lead to a massive surge in XRP’s value as regulatory uncertainty eases.
Furthermore, Ripple’s continued expansion of partnerships with financial institutions worldwide has helped strengthen its position in the market. The blockchain-based payment solutions recently partnered with Chainlink, the decentralized oracle network, to enhance the functionality and adoption of Ripple’s RLUSD stablecoin in decentralized finance (DeFi) markets.
The collaboration aims to provide stability, reliability, and utility for RLUSD within the rapidly evolving DeFi ecosystem.
Ripple Donates $100,000 in XRP
Meanwhile, due to a devastating fire outburst in California on January 7, Ripple donated $100,000 in XRP to aid victims. A statement released revealed that the contribution was directed to World Central Kitchen and GiveDirectly, two organizations currently offering meals and financial support to those in need.
This contribution represents the company’s second significant act to aid disaster relief in California. Last week, the firm teamed up with MoonPay. This financial technology company allows users to buy, sell, and swap cryptocurrencies and donate $50,000 in RLUSD stablecoins to the Los Angeles Fire Department (LAFD) Foundation.
