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The XRP rally has continued to show strength after breaching $3 for the first time in three years.

Ripple XRP surged over 16% from a 24-hour low of $2.73 to an intraday high of $3.17 on Jan. 16, pushing its market capitalization to $178 billion and cementing its position as the third largest cryptocurrency after Bitcoin Bitcoin and Ethereum.

XRP’s recent rally, which initially began on Dec. 30., when the altcoin bottomed around the $2 psychological support level, has been primarily fuelled by optimism around President-Elect Donald Trump’s Jan. 20 inauguration that will bring some highly anticipated changes at the Securities Exchange Commission mainly in form of Gensler's resignation.

The SEC’s lawsuit against Ripple, initiated in December 2020, accused the company of conducting unregistered securities offerings through XRP sales. Under the current SEC Chair, Gary Gensler, the case has seen prolonged litigation.

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