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- XRP price surges 84% in a week, surpassing $1 for the first time since November 2021.
- Rumors suggest Trump might ease regulatory pressures on crypto, benefiting Ripple and XRP.
- Speculation about the Trump-Garlinghouse meeting boosts investor optimism despite selling pressure.
Ripple Labs token XRP surged past $1 for the first time since November 2021. This upsurge was fueled by speculation about a possible meeting between President-elect Trump and Ripple CEO Brad Garlinghouse.
According to CoinMarketCap, XRP has seen an impressive 84% increase over the past week. It was trading at $1.07 as of this writing. This rally has propelled XRP back into the top six cryptocurrencies by market capitalization.
Despite outperforming the broader crypto market with a 42% surge, XRP’s gains have tempered to a 22% increase over the past 24 hours, as selling pressure suggests investor fatigue. In comparison, Bitcoin and Ethereum posted only modest gains during the same period.
Analysts Speculate That Ripple Might Be Intervening With US Policymaking Process?
Ripple Labs and its CEO, Brad Garlinghouse, are under scrutiny from industry leaders following circulating rumors of a recent meeting between Garlinghouse and President-elect Donald Trump.
We can’t let Ripple co-opt the United States policymaking process with their anti-bitcoin agenda.
— Pierre Rochard (@BitcoinPierre) November 16, 2024
Hopefully Trump will staff his Administration with more bitcoiners! https://t.co/TiXxAMRF7h
Ryan Selkis, founder and former CEO of Messari, criticized Garlinghouse. He claimed he is promoting XRP and Central Bank digital currency (CBDC) initiatives.
His remarks were echoed by Pierre Rochard, vice president of research at Riot Platforms. He reposted Selkis’ comments and expressed concern over Ripple’s influence on U.S. policy.
Rochard stated, “We can’t allow Ripple to steer U.S. policymaking with their anti-Bitcoin agenda.” He urged the President-elect to prioritize pro-Bitcoin advocates in his administration.
Speculation about the alleged meeting has been linked to a sharp rally in XRP’s price. With this, the cryptocurrency has experienced significant double-digit gains in recent days.
Brad Garlinghouse Optimistic About Crypto Future Under Trump Administration
Speculation about a meeting between Ripple Labs CEO and President-elect emerged after Garlinghouse liked a post by Zach Rector. The post was referencing the alleged meeting.
Garlinghouse has not directly confirmed the event. However, his interaction with the post has been widely interpreted as a tacit acknowledgment of the claim.
Confirmed ✅ #XRP pic.twitter.com/krpLrgrR2c
— Zach Rector (@ZachRector7) November 12, 2024
Appearing recently on Fox Business, Garlinghouse refrained from either confirming or denying the speculation about his alleged meeting with Trump.
BREAKING: CEO of @Ripple – Brad Garlinghouse on FOX NEWS!
— JackTheRippler ©️ (@RippleXrpie) November 15, 2024
Donald Trump had a meeting with Ripple.
#XRP WILL MELT FACES pic.twitter.com/qp6CMbRTdY
Despite addressing the rumors, the Ripple Labs CEO conveyed optimism about the crypto industry’s prospects under the Trump administration.
He said, “The crypto industry has embraced Trump; Trump has embraced the crypto industry. I think it’s very genuine, and I think he sees the opportunity, innovation, and entrepreneurship — I am very excited about what the future holds.”
Ripple Labs CEO noted he wasn’t surprised by the crypto market’s positive reaction following Trump’s victory on November 5. When pressed about the rumored meeting with Trump, Garlinghouse deflected with humor, offering no concrete details.
Trump prepares for a return to power has fueled optimism among crypto investors. They hope that his administration will adopt more crypto-friendly regulations. Such policies could benefit Ripple, XRP, and the broader cryptocurrency industry.
Broad Criticism For Current SEC Chair, Once More
Brad Garlinghouse ascribed most of the cryptocurrency sector’s troubles to SEC Chairman Gary Gensler’s hostile approach against the industry. He pointed to regulatory hostility as a major factor stifling the growth of domestic crypto projects.
President-elect Trump has pledged to remove Gensler on his first day in office. This promise has garnered widespread support from crypto enthusiasts and investors alike.
XRP’s recent bullish momentum has been partly driven by speculation surrounding Gensler’s potential exit. Many believe his departure could reinvigorate the market.
Public sentiment against Gensler reached heights after Trump’s November 6 election win. With this, 18 states expressed dissatisfaction with the SEC’s handling of the crypto market. These states have filed a lawsuit against the SEC.
SCOOP: 18 U.S. states have filed to sue the @SECGov and its commissioners, accusing them of unconstitutional overreach and unfair persecution of the #crypto industry under the leadership of agency chief @GaryGensler.
— Eleanor Terrett (@EleanorTerrett) November 14, 2024
The lawsuit, signed by 18 Republican Attorneys General,… pic.twitter.com/wxOovuIRQH
The lawsuit highlights the widespread frustration with Gensler’s tenure and his perceived role in stalling the industry’s growth. Historically, SEC chairs often step down with the arrival of a new administration. Speculation about Gensler’s resignation has fueled hopes of a leadership shake-up.
For Ripple Labs, a change at the agency could have significant implications. The firm has been locked in a protracted legal battle with the SEC under Gensler’s leadership,
A new chair could potentially lead to the resolution of ongoing cases against crypto firms like Ripple, Coinbase, and Binance. They could signal a more favorable regulatory environment for the industry.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
