XRP, the native token of Ripple’s payment system, has jumped to the third spot in market capitalization. It has even surpassed Tether’s stablecoin. This week alone, XRP has soared over 71%, reaching $2.47. In just 30 days, it has skyrocketed by 367%, according to CoinGecko data.

This surge comes amid ongoing attention on Ripple Labs’ legal battle with the U.S. Securities and Exchange Commission (SEC). Investors are particularly focused on the upcoming departure of SEC Chairman Gary Gensler on January 20. Many in the crypto community have criticized Gensler for his tough regulatory stance. His exit is sparking hope for a more favorable environment for the industry.

The SEC first filed its lawsuit against Ripple Labs in December 2020, under former Chairman Jay Clayton. Gensler took over in April 2021 and continued to pursue the case. Ripple uses the XRP token for its payment and settlement products, but the token operates on its own ledger. Still, investors are speculating about a possible positive outcome for Ripple.

With the potential for a shift in regulatory leadership, investor optimism is rising. Some believe XRP could gain traction in financial applications, including spot exchange-traded funds. Currently, XRP is about 27.6% below its all-time high of $3.40, which it hit in January 2018. However, it’s now closer to that peak than it has been in nearly seven years.

Meanwhile, other major cryptocurrencies are also seeing gains. Following a week of profit-taking and a dip in Bitcoin's price, Cardano (ADA) is up about 10%. Shiba Inu (SHIB) and Stellar (XLM) have increased by 8% and 13%, respectively, over the last 24 hours.

In other news, Coinbase announced it will end its USDC Rewards program for customers in the European Economic Area (EEA) starting December 1, 2024. This move is part of its compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulations. Customers received an email detailing the termination of this yield program, which allowed them to earn rewards on their USDC holdings.

Hyperliquid, a decentralized perpetuals exchange, is preparing to launch its native token after a strong October. The platform challenges the idea that venture capital is essential for success in crypto. Instead, it focuses on its technology and community-driven approach. The Hyper Foundation, overseeing development, announced a token generation event scheduled for early Friday at 2:30 AM ET, along with an airdrop. Over the past year, Hyperliquid has evolved from an exchange into a complete financial system.

Lastly, Marc Andreessen, co-founder of Andreessen Horowitz, has raised concerns about what he calls "Operation Chokepoint 2.0." He claims that over 30 tech founders have lost access to banking services without warning. Speaking on The Joe Rogan Experience podcast, Andreessen suggested that this situation is a deliberate act by the Biden administration, using financial exclusion as a control tactic.