As a seasoned crypto investor with a knack for deciphering market trends and a keen eye for regulatory developments, I find myself intrigued by the recent surge of Ripple’s XRP token. Having weathered numerous bull and bear markets since my entry into this digital frontier, I must admit that the prospect of pro-crypto policies under President-elect Trump adds an exciting new dimension to my investment strategy.
The XRP token issued by Ripple has reached a fresh peak for the year 2024, with investors optimistic about potential cryptocurrency-friendly policies under the incoming presidency of Donald Trump in the U.S., leading to increased demand.
On December 1st, the digital currency XRP (XRP) exceeded Solana (SOL) in terms of market value and has since swapped positions with Tether’s USDt (USDT), moving into the third-largest position among cryptocurrencies by market capitalization. According to CryptoMoon Markets Pro, the token peaked at $2.46 on December 2nd but later fell to $2.29.
The surge came amid expectations of a more favorable political climate for cryptocurrencies in the US and progress on Ripple’s dollar-pegged, overcollateralized stablecoin project, RLUSD.
Trump’s election win boosts crypto markets
Following Trump’s victory in the 2024 U.S. presidential election, Bitcoin (BTC) and other cryptocurrencies experienced a surge, with BTC reaching a record high of $99,645 on November 22. In response, XRP and other crypto assets also saw gains as investors predicted possible changes in U.S. cryptocurrency regulations.
After Donald Trump’s election victory, speculation about a meeting between Ripple CEO Brad Garlinghouse and Trump sparked on social media, leading to an increase in XRP prices. On November 15th, XRP experienced a price surge of over 17%, fueled by rumors that the two had actually met.
As a researcher in the crypto field, I’ve found myself in the midst of a stir caused by a reported gathering. In a recent post on X, Ryan Selkis, ex-CEO and founder of Messari, expressed his view that Garlinghouse is promoting XRP and CBDC implementations excessively. Pierre Rochard, Vice President of Research at Riot Platforms, echoed these sentiments, with Selkis even suggesting that more Bitcoin advocates should be incorporated into Trump’s advisory team.
Anticipation of SEC cases being settled or dismissed
In the year 2020, the U.S. Securities and Exchange Commission filed a lawsuit against Ripple, alleging that they had sold XRP without registering it as a security. This legal action sparked a series of back-and-forth arguments between Ripple, the cryptocurrency company, and the securities regulatory body.
On November 15th, Consensys CEO Joe Lubin expressed to CryptoMoon that legal disputes between cryptocurrency companies and the Securities and Exchange Commission (SEC) might be resolved or settled under the Trump administration. Lubin suggested that not every case may be resolved, but he predicted significant financial savings for the industry in the range of hundreds of millions of dollars as it progresses.
Previously held Commodity Futures Trading Commission Chair Chris Giancarlo suggested that regulatory bodies should discontinue several investigations, including Ripple’s. In a recent interview on Fox Business on November 26th, he stated, “It is now appropriate for regulatory agencies to dismiss numerous ongoing cases.
When directly questioned about the possibility of the SEC discontinuing the Ripple case, Giancarlo expressed his viewpoint by saying: “Yes, I believe they should.
New RLUSD stablecoin project
The growing excitement about Ripple’s RLUSD stablecoin venture could potentially be a contributing factor to the recent increase in XRP’s value.
It’s anticipated that the New York Department of Financial Services (NYDFS) will give its approval to the RLUSD stablecoin. According to Fox Business, this approval could happen within the next few days, potentially leading to a product release as early as December 4.
In August, Ripple stated that upon the release of RLUSD, they intend to integrate this stablecoin and XRP into their cross-border payment system.
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2024-12-02 13:59