Bitcoin is widely known these days – and headed to a $100K valuation - but a less well-known cryptocurrency is having a moment in the sun.
XRP, a cryptocurrency associated with Ripple Labs, has become the third largest crypto with a surge in market capitalization of $100 billion since the US presidential election on November 5. It now stands at around $137 billion having been less than $30 billion on election day.
On Monday (December 2) the asset was up to $2.50, a six year high. The previous record was $3.84.
While cryptos have fared well since Trump’s win signaled an administration supportive of digital assets with CoinGecko reporting a $1.2 trillion increase in market value in the last month, investors hope that XRP’s legal and regulatory challenges are history.
In 2020, the Securities and Exchange Commission sued Ripple Labs, accusing the company of raising money by selling the XRP token without registering it as a security. But while the agency was seeking a $2 billion penalty, the firm was ordered to pay $125 million in August this year, deemed a win over the SEC, which appealed the court's decision in October but it will likely be 2026 before a decision is made.
Although XRP took a hit after the appeal was filed, it had surged 25% after the initial decision and has now surpassed the likes of Solana and Tether to be a serious crypto player.
But along with the potential for light-touch regulation for XRP is the tantalizing prospect of approval for ETFs when the Trump administration’s SEC chair pick takes over from the outgoing Gary Gensler. Bitcoin ETFs have soared more than $6 billion over the last month.
Among the benefits of the digital currency is its speed - it can handle up to 1,500 almost instantaneous transactions per second – its low fees and, as it does not need mining like Bitcoin and some others, it has a lower energy impact.
A trustee says it has no record of the investor now suing it for $50 million
Legislation seeks to loosen access to private markets to include professional advice from RIAs and broker-dealers, not just income or net worth.
"I just feel like I can get a lot further [by] opening a 529 account," said one respondent to the BabyCenter survey on Trump accounts.
New ICI research shows these retirement savers pay expense ratios nearly matching industrywide averages, extending years of fee declines
UBS data show American net worth is shifting from property to cash and funds faster than in seven other wealthy nations.
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.
