Ripple CEO Brad Garlinghouse has offered insights into the factors driving XRP’s impressive 70% rally, which pushed its price to a two-year high of $0.9193. The surge is attributed to various elements, including the implementation of pro-crypto policies under the new administration, the relisting of XRP on Robinhood, and easing regulatory constraints in the United States. Garlinghouse also welcomed the involvement of 18 state attorneys in lawsuits challenging the Securities and Exchange Commission (SEC)’s approach to crypto regulation. He criticized the SEC’s actions as stifling U.S. innovation but expressed optimism that the changing regulatory wave would foster significant growth for U.S.-based crypto assets.
Trump as a “Crypto President” Fuels Market Optimism
In an interview with FOX Business, Garlinghouse referred to President-elect Donald Trump as a “crypto president,” praising his support for blockchain innovation and entrepreneurship. He described the post-election environment as transformative for the cryptocurrency sector, emphasizing Trump’s welcoming stance towards crypto. “The crypto industry has embraced Trump, and Trump has embraced the crypto industry. I think it’s very genuine,” Garlinghouse remarked. This optimism has extended to U.S.-linked cryptocurrencies like Solana (SOL) and Cardano (ADA), which have also seen significant growth since Election Day. Garlinghouse highlighted that regulatory clarity is alleviating pressures on these assets, allowing them to flourish.
Technically, XRP on a Rise
XRP’s price breakout is aligned with its escape from a symmetrical triangle pattern, indicating strong bullish momentum. Key developments, such as Robinhood’s relisting of XRP, have further amplified market enthusiasm. The token is nearing a critical resistance level at $1.00, with analysts predicting a potential surge to $1.50 if this level is breached. Additionally, institutional interest and increased trading activity have fueled the rally, with XRP’s trading volume climbing 25% in 24 hours to reach $11.7 billion. Notable whale activity, including a significant 60 million XRP transaction valued at $52.8 million, highlights rising institutional interest.
Currently, XRP is trading at $0.89, signifying a 14% gain in 24 hours. With a market cap of $50.8 billion and trading volume surging to $11.65 billion, XRP’s future appears promising amid growing institutional interest and favorable market conditions. Analysts remain optimistic about its potential to surpass the $1.00 resistance and continue its upward trajectory. XRP is on a roll, and with all factors working in its favor, there is a high chance of an XRP breakout according to market watchers. However, only time will reveal how high it can ascend.
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