XRP, Cardano, Stellar, Avalanche, and more: Cryptocurrencies to watch this week

XRP is the native token of the XRP Ledger, an open-source blockchain. It is used by the Ripple payment network to facilitate cross-border transactions and is designed to act as a bridge currency. It’s important to note that Ripple, the company, operates the network but does not own XRP.

The cryptocurrency experienced a significant surge following Donald Trump’s victory in the U.S. presidential election, and with the inauguration a few days away, investors have begun pouring more money into the token.

XRP’s issuer, Ripple, has faced significant challenges with the Securities and Exchange Commission (SEC) over the past few years. However, with SEC Chair Gary Gensler set to depart soon, the outlook for the crypto looks promising.

Currently, XRP (XRP) is trading at $2.4, with over 18% gain in the past week.