Why did Ripple (XRP) price pump today?

Key points:
⚡️XRP hits a three-year high, possibly driven by multiple bullish factors.
⚡️One of them includes the possibility of resolving the Ripple v. SEC case as Gary Gensler prepares to step down.

Ripple's XRP is the best-performing cryptocurrency among the top 20 today (November 29th). Its price has surged to nearly $1.63, the highest level since spring 2021. Currently, the trading price is around $1.61 (according to CoinGecko's data), which means a daily increase of 10% and a staggering 200% increase in the past month.

One factor that may drive its pump is the latest development of Ripple Stable Coin RLUSD. Earlier this week, X user Vet claimed that almost all Tokens had been destroyed, sparking rumors of the imminent launch of the product. However, Monica Long (President of Ripple) recently stated that RLUSD will be launched once it obtains regulatory approval from NYDFS.

☀️Another factor may be that people are increasingly speculating that the legal dispute between Ripple and the US Securities and Exchange Commission (SEC) may be coming to an end. A few days ago, SEC Chairman Gary Gensler announced that he would resign in January next year. He is known for his stance against Crypto Assets, and unsurprisingly, the Ripple community is pleased with the news of his impending departure.

The community is now looking forward to a leader who supports Crypto Assets and achieves a favorable outcome for this nearly four-year-old litigation.
Some experts believe that Ripple could indeed benefit from this transition. US lawyer Jeremy Hogan predicts that the institution may withdraw all non-fraudulent cryptocurrency lawsuits filed over the years. He believes that the Ripple case could settle for the previously ruled $125 million.

📈"If the settlement amount is lower than the amount already awarded by the court, then... it will be very embarrassing! Coin//base and other litigation cases will be dismissed. This will take some time. Not in January, but possibly before summer. This is my decision, and I will stick to it," Hogan said.
Chris Giancarlo (former CFTC Chairman) also foresaw a similar situation. Earlier this week, he believed that the SEC may reject the lawsuit against Ripple during Donald Trump's presidency.

Another factor that could potentially have a positive impact on XRP price is Bitwise Asset Management's latest move. The entity has submitted a new ETF proposal to the SEC, which will include ten cryptocurrencies: Bitcoin (BTC), Ether (ETH), Solana (SOL), Ripple (XRP), Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), Bitcoin Cash (BCH), Polkadot (DOT), and Uniswap (UNI).

✍️It is worth noting that each asset in the encryption index ETF is allocated a specific share. BTC accounts for the largest share, at 75.1%, while XRP accounts for 1.5%.
The launch of such products has caused a pump in the price of basic Crypto Assets before. It will be interesting to see whether regulators will approve the development and whether it will affect the market.
（tv-CryptoPotato）