XRP Price Surges in Response to Trump’s Impact on Crypto
XRP, a cryptocurrency often closely linked to political events, saw a significant price surge early this week. The rise in XRP’s price coincided with growing anticipation among crypto investors regarding the potential return of Donald Trump to the presidency.
In the past 24 hours, the value of XRP surged by 8.7% to reach $3.33, according to the latest data from CoinDesk. Concurrently, other major cryptocurrencies like Bitcoin and Ether also experienced upward movements in their prices. XRP stands out as one of the most notable gainers in the crypto market following Trump’s win in the recent presidential election. Since November 5, XRP has soared by more than 500% and currently holds the position of the third-largest cryptocurrency based on market capitalization, trailing only Bitcoin and Ether.
The recent record high of $3.40 reached by XRP last Friday was fueled by speculations regarding its potential inclusion in the U.S. cryptocurrency reserve, as highlighted by FxPro analyst Alex Kuptsikevich. Beyond the price surges, supporters of XRP are pinning their hopes on the possibility that the U.S. Securities and Exchange Commission (SEC) could reconsider its stringent actions against the cryptocurrency market under the leadership of Gary Gensler. In 2020, the SEC filed a lawsuit against Ripple, the platform using XRP for transaction facilitation, for allegedly marketing an unregistered security.
The appointment of Paul Atkins, a figure known for his positive stance towards crypto, to head the SEC, replacing Gensler, has raised expectations within the crypto community that the regulator’s legal battle against Ripple could potentially be dropped. However, Atkins’ nomination is subject to Senate confirmation. Moreover, Trump’s recent introduction of his own meme coin over the weekend has sparked mixed reactions within the crypto industry. While some view it as a positive signal of Trump’s support for the crypto sector, others have criticized it, suggesting that meme coins could damage the credibility of the president and his family.
In the broader cryptocurrency landscape, Bitcoin is on the verge of hitting a new record high, currently trading at $108,201, according to CoinDesk data. Ether, another prominent cryptocurrency, has risen by 6.2% over the past 24 hours, but Solana experienced a 9.8% decline after reaching new peaks during the weekend.
As the crypto market continues to evolve, the interplay between political developments and cryptocurrency prices remains a compelling area to observe. Investors and stakeholders in the crypto sector closely monitor political shifts and major announcements as they seek to navigate the dynamic landscape of digital assets and blockchain technologies.
