XRP Price Will Skyrocket as New SEC Leadership Adopts Crypto-Friendly Policies, Ripple Predicts

San Francisco-based enterprise blockchain company Ripple has released its latest quarterly report, in which it highlighted XRP's massive price rally that took place recently.

Enterprise blockchain company Ripple, headquartered in San Francisco, has recently published its latest quarterly report, highlighting XRP's significant price rally.

According to Ripple, the recent buyers of XRP "were buying to hold." This assumption stems from the observation that the rally was primarily driven by spot volume rather than "short-term speculative bets." This suggests that the surge may not be a flash in the pan, as the buyers likely have faith in the token's "long-term potential."

Binance, South Korea-based Upbit, and Coinbase led the spot-driven rally. On top-tier exchanges, the token's average daily volume reached an impressive $3.4 billion.

As reported by U.Today, earlier this month, the XRP token hit a new record all-time peak on major spot exchanges. Anticipations of the new SEC administration's crypto-friendly policies are boosting the token. Ripple anticipates the industry will experience "unprecedented growth" due to the recent change in SEC leadership.

Ripple is, of course, embroiled in a yearslong legal battle with the agency. In its recent report, the company claims that XRP has recovered from the SEC's "market manipulation" for years.

The current XRP rally is also likely being fueled by growing institutional demand. According to Ripple, several issuers filed for exchange-traded funds based on the cryptocurrency in the fourth quarter.

The Q4 report reveals that Ripple currently has 4.8 billion XRP tokens in its wallets. Additionally, approximately 38 billion tokens are held in escrow wallets.