The XRP market has been experiencing notable positive momentum following Donald Trump’s victory in the 2024 U.S. presidential election. Since the election results on November 5, the price of XRP has surged, sparking speculation that the political shift could lead to regulatory changes that favor the cryptocurrency industry. In fact, the market has grown by nearly 10.12% since the victory, with some analysts even predicting a 30X rally for XRP in the near future. But is this optimism justified? Let’s break down the key factors driving the XRP price increase and the speculation around future developments.
On November 5, the day the U.S. election took place, the XRP price opened at $0.5035. By the end of the day, the price had grown by 2.08%, a promising sign of optimism in the market. The next day, when Donald Trump’s victory seemed almost certain, the price of XRP surged even higher, hitting a monthly peak of $0.5418—a gain of over 5.34%.
As of the latest trading data, XRP is priced at $0.5521, reflecting a 3.8% rise in the past 24 hours. This upward momentum has sparked renewed interest in XRP and the broader cryptocurrency market. With an overall market uptick of 10.12% since the election, the victory has definitely infused a sense of optimism into the XRP market.
During his 2024 presidential campaign, Donald Trump positioned himself as a crypto-friendly candidate. One of his key promises was to remove U.S. SEC Chairman Gary Gensler, who has been highly criticized by the crypto community for his regulatory crackdowns on digital assets. Trump’s stance was welcomed by the crypto world, where many believe that Gensler’s removal could lead to a more favorable regulatory environment for cryptocurrencies.
In particular, Trump’s victory has stirred up speculation that the U.S. Securities and Exchange Commission (SEC) might soon approve applications for XRP Spot ETFs (Exchange Traded Funds). Companies like 21Shares, Bitwise, and Canary Capital have already filed for XRP ETFs, and many in the industry believe that with Gensler out of the picture, these applications could be fast-tracked for approval.
In the wake of Trump’s election victory, Ripple CEO Brad Garlinghouse has expressed hope for a more favorable crypto regulatory environment. He has pointed out that Trump’s policies could ease some of the regulatory hurdles faced by Ripple Labs and other crypto firms in the U.S., providing a more stable foundation for growth.
Ripple’s growing optimism under a Trump administration is also backed by some exciting developments in the pipeline. Luke Thomas, a cryptocurrency market expert, recently suggested that Ripple may soon launch a stablecoin, tentatively named RLUSD. The addition of a stablecoin could further cement Ripple’s position in the crypto ecosystem and provide a boost to the XRP token, adding utility and fostering new partnerships.
Over the last 30 days, the XRP market has shown consistent growth, increasing by 4.6%. At the start of November, XRP was priced at $0.5131, but it quickly dropped to $0.5034 before the rally began. Since the November 5 election results, XRP has experienced three consecutive green candlesticks in its price chart, showing a strong upward trend.
With a 10.12% rise since November 5, analysts are now speculating that XRP could experience a major price breakout in the coming months. Some crypto experts predict a 30X rally for XRP, with a potential short-term price target of $1.10. If the regulatory changes anticipated under Trump’s administration come to fruition, the XRP market could see significant upside potential.
One of the most talked-about developments in the XRP market is the possibility of the U.S. SEC approving an XRP Spot ETF. Currently, the SEC has not approved any spot ETFs for cryptocurrencies, but many believe that the regulatory environment under a Trump administration could change.
The approval of an XRP ETF would be a game-changer for the token, allowing institutional investors to gain exposure to XRP in a regulated manner. This would open the door for larger investments into the XRP ecosystem and could fuel further price growth.Several fund managers have already filed for XRP ETFs, including 21Shares, Bitwise, and Canary Capital, and their applications could see expedited approval if Trump’s policies align with the interests of the crypto community.
Donald Trump’s victory has undeniably boosted optimism in the XRP market, with prices rising significantly in the wake of the election results. The promise of regulatory clarity and crypto-friendly policies under Trump’s administration has injected new life into XRP, particularly as rumors swirl about the potential approval of XRP Spot ETFs.
With major fund managers filing for XRP ETFs and Ripple Labs potentially launching a stablecoin, the future of XRP looks promising, especially if Gary Gensler’s removal leads to a more favorable regulatory environment. Market analysts predict that XRP could see a major surge, with some even forecasting a 30X rally.
While there’s still uncertainty regarding the U.S. SEC’s stance on XRP and the broader crypto market, Trump’s win has undeniably sparked renewed interest in XRP and the crypto space as a whole. The coming months will likely bring significant developments, and XRP holders could see some exciting opportunities on the horizon.
November 2024, Cryptoniteuae