XRP Hits Seven-Year High as Optimism Outweighs SEC Appeal Concerns

XRP rose to its highest level since January 2018 as optimism toward emerging crypto regulations overcame concerns raised by the latest legal appeal filed by the SEC.

Cryptocurrency investors are feeling optimistic ahead of US President-elect Donald Trump’s inauguration on Jan. 20, which is expected to bring more regulatory clarity to the industry.

Bolstered by the prospect of more industry-friendly regulations, the XRP (XRP) token rose to its highest level since 2018, unfazed by the latest legal appeal of the US Securities and Exchange Commission.

Adding to the positive outlook, the bankrupt FTX exchange is preparing to repay over $1.2 billion to its users after Trump’s inauguration, which is seen as a significant liquidity event for the crypto market.

Here are the key highlights:

XRP hits seven-year high as optimism outweighs SEC appeal concerns

XRP rose to its highest level since January 2018 as optimism toward emerging crypto regulations overcame concerns raised by the latest legal appeal filed by the SEC.

The XRP (XRP) price rose to a seven-year high of $3.20 on Jan. 15 before retracing to trade at $3.09 at 8:45 am UTC on Jan. 16. XRP is up over 32% on the weekly chart, CoinMarketCap data shows.

The rally came even as the SEC filed an appeal on Jan. 15, challenging a July 2023 ruling by District Judge Analisa Torres that found XRP sales to retail investors did not constitute unregistered securities. The SEC is seeking to have those retail sales classified as such.

Despite the SEC’s appeal, the market has favored the partial legal victories secured by Ripple Labs in the long-standing case, according to Ryan Lee, chief analyst at Bitget Research.

These partial legal victories, paired with investor optimism for more crypto regulatory clarity, are the main drivers of XRP’s price rally, the analyst told Cointelegraph.

FTX to begin distributing $1.2 billion to creditors after Trump inauguration

FTX is preparing to distribute more than $1.2 billion in repayments to the bankrupt former cryptocurrency exchange’s users.

FTX, once the world’s second-largest centralized cryptocurrency exchange (CEX), is set to begin repaying users who have been unable to access their funds for over two years.

Exchange users who are owed up to $50,000 worth of digital assets have until Jan. 20 to fulfill their repayment requirements.

FTX will likely start repaying claims of up to $50,000 after Jan. 20, according to FTX creditor Sunil, who is part of the largest group of more than 1,500 FTX creditors, the FTX Customer Ad-Hoc Committee.