The price of the XRP Token (CRYPTO: XRP) from Ripple continues to climb thanks to optimism about the incoming White House administration and potential XRP ETFs, leading to the cryptocurrency recently flipping Tether and Solana to become the third-largest crypto.

What Happened: The price of XRP is up 87% over the last seven days, hitting new one-month and one-year highs.

The price action could be pinpointed to the anticipation of new leadership at the SEC, a financial institution that has often clashed with Ripple. A new change could see XRP and other cryptos face less or no government resistance moving forward, minimizing risk for investors.

Cryptocurrency experts also told Benzinga that Ripple’s partnerships with financial institutions could be the reason for the increase in cryptocurrency’s price. The filing of several XRP ETFs also has investors excited about a potential larger spotlight on the cryptocurrency and more ways for investors to gain exposure.

While XRP has hit new one-year highs of $2.86 in the last 24 hours and the cryptocurrency is up over 280% year-to-date, the price still trails an all-time high of $3.84 set back in January 2018.

Also happening in 2018 was a Ripple community event at the three-day Consensus conference that saw Snoop Dogg booked as the entertainer and performer for the Ripple community.

Snoop Dogg, who has supported the cryptocurrency sector and non-fungible tokens, performed at a private invitation-only Consensus after-party from Ripple Labs on May 15, 2018.

The performance in New York saw several media outlets cover Snoop Dogg’s appearance and the fact that he did not talk about investing in cryptocurrency during his performance. Instead, the event was much like a celebration for the XRP community. Ripple previously said they did not pay Snoop Dogg with XRP tokens for his appearance.

While celebrities endorsing cryptocurrencies is nothing new, Snoop Dogg’s appearance may have marked an opportune moment to consider buying XRP—though the rapper offered no direct investment advice during the event.

Read Also: Here’s How Much $100 Invested In XRP Token Today Will Be Worth If Crypto Returns To All-Time Highs

Investing $1,000 in XRP: Investors who learned about XRP for the first time with news of his appearance at the Ripple event, or thought that his appearance could signal optimism for the XRP token going forward may have considered buying the cryptocurrency.

A $1,000 investment at the high price of $0.7523 on May 15, 2018 could have bought 1,329.26 XRP. The $1,000 investment would be worth $3,429.49 today based on a price of $2.58 at the time of writing, up 242.9%.

XRP continues to be one of the most talked about cryptocurrency in recent months, and its continued strength and the potential approval of ETFs could lead to a higher price for the coin.

Read Next:

• If You Invested $1,000 In XRP Token When SEC Lawsuit Caused Mass Panic, Here’s How Much You’d Have Today

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