Here’s what happened in crypto today

Today in crypto, XRP is in price discovery for the first time since 2017, with a three-month consecutive green candle. US President-elect Donald Trump is reportedly open to establishing a strategic reserve that would include US-founded cryptocurrencies, and the US Securities and Exchange Commission filed arguments in its appeal against Ripple Labs.XRP key price metric up by 300% in 2025 as the altcoin hits new all-time highsXRP (XRP) price has entered a price discovery period for the first time since 2017. The altcoin has exhibited a three-month consecutive green candle for only the second time in its history, with the current streak far more significant than the period between March and May 2017.While the altcoin has attained a new all-time high on certain exchanges, a break above $3.40 will confirm a clear all-time high.XRP’s open interest (OI) has reached a new all-time high of $7.9 billion, with the OI increasing by 27.34% over the past 24 hours. The futures volume has doubled at the same time, currently at $42.87 billion, according to CoinGlass data.Since Jan. 1, XRP’s open interest has increased by 300%, jumping from $1.92 billion at the beginning of 2025. The common assumption here would be that the futures market has played a vital role in XRP’s parabolic rise. However, that has not been the case.Trump reportedly “receptive” to strategic reserve with US-based cryptosAs Donald Trump prepares to take office as the 47th president of the United States, rumors have emerged about a potential strategic reserve emphasizing US-based cryptocurrencies instead of Bitcoin.The New York Post, citing unidentified sources, reported on Jan. 16 that Trump is “receptive” to the idea of establishing a strategic reserve prioritizing cryptocurrencies including USD Coin , Solana and XRP . Sources told the Post that the idea could sideline Bitcoin , the world’s largest cryptocurrency by market cap.Speculation around a broader crypto reserve intensified after Trump recently dined with Ripple CEO Brad Garlinghouse and chief legal officer Stuart Alderoty. Garlinghouse shared a photo from the dinner, calling it a “strong start to 2025.”The crypto community has reacted sharply to rumors of prioritizing altcoins over Bitcoin.Almeida, co-founder of Orquestra, criticized the possible move, saying, “It’s very disappointing if true. Credibility goes to -1.”David Bailey, CEO at BTC Inc, dismissed the concept as “fake news,” sarcastically calling Ripple “Kamala coin.” SEC files brief in appeal against Ripple over XRPThe US Securities and Exchange Commission on Jan. 15 filed arguments in the Second Circuit Appeals Court saying a New York federal court was wrong to rule in its years-long case against Ripple Labs that XRP (XRP) sold to retail investors wasn’t an unregistered securities offering.It asked the appeals court to overturn Judge Analisa Torres’ July 2023 ruling and have XRP sales to retail investors classed as unregistered securities, along with handing an updated judgment to Ripple if overturned. “As expected, the SEC’s appeal brief is a rehash of already failed arguments — and likely to be abandoned by the next administration,” Ripple chief legal officer Stuart Alderoty wrote on X.The SEC’s latest filing moves forward with an appeal it launched in October after the agency partially lost its long-running suit against Ripple it filed in December 2020 as Judge Torres found XRP was security when sold to institutions but not when sold to retail investors through exchanges, as those investors didn’t know who was selling it.At the time of writing, XRP was up 10% over the past 24 hours despite the SEC’s filing, alongside wider daily gains in the crypto market.