On Monday, XRP was up a staggering 40% in 24 hours, reaching $2.80 for the first time in seven years. The coin has attracted over $120 billion in new investments and reached a market cap of $156 billion since Donald Trump and a number of other crypto-friendly candidates won the election on November 5th.

The rise in XRP price comes with signs that the legal pressure that has weighed on Ripple for years will soon ease. Most notably, Securities and Exchange Commission Chairman Gary Gensler – the crypto industry’s chief opponent – ​​announced his resignation and experts say the agency is likely to drop a series of lawsuits as Trump prepares to take office.

Those lawsuits include a long-running SEC case against Ripple that is currently before an appeals court after the judge sided with Ripple in August and fined the company $2 billion less than the SEC originally imposed had demanded. The SEC filed suit in 2020, accusing Ripple of illegally raising money by selling XRP without registering it as a security.

The XRP price increase also comes as investors bet on the future of Ripple products. Fox business reported that the company’s long-awaited stablecoin, RLUSD, is ready for regulatory approval in New York as early as December 4th. Bullish sentiment on Bitcoin and Ethereum is just around the corner.

While Bitcoin and other cryptocurrencies surged immediately after the election, XRP lagged until recently. The currency remained flat for most of the year, hovering between 40 cents and 60 cents before breaking out earlier this month.

The broader crypto market has grown by $1.2 trillion since Election Day, and investors expect those gains to continue next year as Trump makes good on his campaign promises to make America the “crypto capital of the planet.” . The president-elect has backed a strategic Bitcoin reserve and a crypto advisory board. He is also reportedly considering creating a position in the White House specifically dedicated to cryptocurrency policy, which industry leaders hope would serve as a direct line to the president.