The entire cryptocurrency landscape has experienced a wave of optimism following the election of Republican candidate Donald Trump as President of the United States in 2024. This renewed enthusiasm has notably influenced the XRP market, which has seen a substantial increase of nearly 10.12% since November 5. Speculations are rife that the U.S. Securities and Exchange Commission (SEC) might soon approve XRP Spot ETFs. But is there any truth to these rumors? Let’s explore the potential scenarios.
How Trump’s Win Impacts XRP Market Speculation
On November 5, as the U.S. election unfolded, the XRP market opened at $0.5035 and closed with a gain of approximately 2.08%. The following day, with Donald Trump’s victory becoming more apparent, XRP’s price surged to a new monthly high of $0.5418, marking an impressive increase of over 5.34%. In the past 24 hours, it has risen by an additional 3.8%, currently standing at $0.5521. This trend indicates that Trump’s victory has injected a new wave of optimism into the XRP market.
During his campaign, Trump portrayed himself as a pro-cryptocurrency candidate, making bold promises to appeal to the digital assets community. Among these promises was his intention to replace U.S. SEC Chairman Gary Gensler, who is unpopular in the crypto sphere due to his strict regulatory stance. This potential leadership change could expedite the approval process for pending XRP ETF applications from major fund managers such as 21Shares, Bitwise, and Canary Capital, giving the market further momentum.
Potential Ripple Market Developments Under Trump
Ripple’s CEO, Brad Garlinghouse, has expressed optimism about a more favorable regulatory environment under Trump’s presidency. This sentiment is echoed by Luke Thomas, a cryptocurrency market expert, who speculates that Ripple might introduce a new stablecoin called RLUSD in the coming months. This development could further enhance Ripple’s market position and contribute to its growth.
Market Predictions for XRP
Over the past 30 days, the XRP market has experienced a significant increase of 4.6%. At the beginning of November, XRP was valued at approximately $0.5131, with a temporary dip to $0.5034 on the third day. However, since November 5, the market has consistently posted gains, with three consecutive days of positive movement, resulting in a 10.12% overall rise.
Crypto analysts are optimistic about XRP’s future, predicting a potential 30X rally. Some bold forecasts even suggest a short-term price target of $1.10 for XRP. As Trump’s win fosters hopes for regulatory changes, the outlook for the crypto market, particularly XRP, appears promising. Significant developments could unfold in the coming months, potentially driving further growth and stability in the market.
In conclusion, Donald Trump’s presidential victory has sparked a renewed sense of optimism in the cryptocurrency world, with the XRP market standing to benefit from potential regulatory shifts and strategic developments. As the landscape evolves, investors and enthusiasts are keenly watching the unfolding opportunities within the XRP market.
