The cryptocurrency market has been buzzing with excitement since Republican candidate Donald Trump emerged victorious in the 2024 U.S. presidential election, beating Democratic candidate Kamala Harris. The XRP market, in particular, has seen a significant uptick, growing by over 10% since November 5. There are also floating rumors that the US SEC may approve XRP Spot ETFs soon.
But what’s behind this sudden surge? Is it just election-driven optimism, or could something much bigger be at play? Let’s dive deeper into what’s really happening and what it means for investors in the coming months.
On November 5, the day of the U.S. elections, the XRP market opened at $0.5035 and ended the day with a 2.08% gain. The following day, as Trump’s victory became more certain, XRP saw a significant spike, reaching a new monthly high of $0.5418—an impressive 5.34% increase. In the last 24 hours, XRP rose another 3.8%, with the price currently sitting at $0.5521.
This sharp rise suggests that Trump’s win has sparked renewed optimism in the XRP market.
Trump’s Crypto-Friendly Policies
During the US election campaign, Trump positioned himself as a crypto-friendly candidate. He made several aggressive promises to woo the crypto community, including pledging to remove US SEC Chairman Gary Gensler – who has earned the ire of the community for his regulatory crackdown on the crypto industry.
Several leading fund managers, such as 21Shares, Bitwise, and Canary Capital, have already filed applications for XRP ETFs. Many in the crypto world believe that if Gensler is removed, the approval process for these applications could move much faster.
Ripple CEO Brad Garlinghouse also expressed hope that under a Trump presidency, the regulatory environment would be more welcoming to crypto.
In another exciting development, cryptocurrency expert Luke Thomas recently suggested that Ripple might launch a stablecoin, RLUSD, within the next few months, which could add further momentum to the XRP ecosystem.
Over the past 30 days, XRP’s market has grown by 4.6%. At the start of the month, XRP was priced at $0.5131. After briefly dipping to $0.5034, the market has experienced several days of positive movement, rising 10.12% since November 5.
Crypto analysts are optimistic about XRP’s future, with some predicting a 30X rally in the coming months. Some even set aggressive short-term price targets of $1.10 for XRP.
Trump’s victory has raised hopes for a shift in crypto regulations, potentially benefiting XRP in the months ahead. With growing optimism in the market, XRP may continue to see significant growth, and developments like the potential approval of XRP ETFs could further fuel its rise.
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