Why XRP Skyrocketed This Week

Key Points

• XRP surged this week, boosted by Bitcoin's new all-time high.

• Ripple Labs CEO Brad Garlinghouse testified before the Senate Banking Committee, advocating for clearer regulatory guidelines

• 10 stocks we like better than XRP ›

XRP (CRYPTO: XRP) is on the rise this week, up 25.3% from last Thursday at 1 p.m. ET as of 12:43 p.m. ET on Friday. The rise comes as the S&P 500 (SNPINDEX: ^GSPC) gained 0.5% and Bitcoin reached an all-time high.

Aside from Bitcoin's record-setting high, which always moves the rest of the market, Ripple Labs CEO Brad Garlinghouse appeared before Congress this week, boosting hopes that XRP will see further adoption.

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Crypto goes to Washington

A select few of leaders from the crypto community testified in front of the Senate Banking Committee on Wednesday. Garlinghouse, whose Ripple Labs created XRP, outlined how he thought Congress should regulate the industry, saying that a lack of rules has "prohibited meaningful progress."

The CEO continued, "At Ripple, we certainly saw firsthand how the lack of clear rules of the road can be weaponized to target good actors," referring to the legal battles his company has fought with the Securities and Exchange Commission.

Image source: Getty Images.

His appearance in front of the Senate, just before the House of Representatives kicked off what some members are calling "Crypto Week," was seen favorably by investors.

XRP has a lot to prove

Increased regulation would likely benefit XRP compared to other crypto projects, as it has always attempted to paint itself as a more "legitimized" institutional crypto. However, I continue to think that XRP is overvalued and faces major hurdles to widespread adoption in traditional banking. I would stay away from XRP.

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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and XRP. The Motley Fool has a disclosure policy.