The cryptocurrency market has experienced a wave of positive momentum following the election of Donald Trump as the 2024 US President, defeating Democratic candidate Kamala Harris. Among the beneficiaries of this renewed optimism is the XRP market, which has seen substantial growth. Since November 5, the market has expanded by approximately 10.12%, driven by speculation and rumors regarding potential regulatory approvals. Let’s delve into the details!
The Impact of Trump’s Victory on XRP Market Speculation
On November 5, the day of the US election, the XRP market opened at $0.5035. By the end of the trading day, it had increased by about 2.08%. On the following day, as Trump’s win became more certain, XRP reached a monthly high of $0.5418, marking a significant increase of over 5.34%. In the past 24 hours alone, the market has grown by 3.8%, bringing the price to $0.5521. This reflects the boost in confidence within the XRP market following Trump’s victory.
During his campaign, Trump portrayed himself as a pro-crypto candidate, pledging to remove US SEC Chairman Gary Gensler, whose strict regulatory stance has been unpopular within the crypto community. This promise has fueled optimism, with several prominent fund managers, including 21Shares, Bitwise, and Canary Capital, filing for XRP ETFs. The community is hopeful that Gensler’s removal could expedite the approval of these pending applications.
Prospective Ripple Market Developments Under Trump’s Leadership
Recently, Ripple CEO Brad Garlinghouse expressed optimism about a potentially more favorable regulatory environment for cryptocurrencies under the Trump administration. Luke Thomas, a respected cryptocurrency market analyst, speculated that Ripple might introduce a new stablecoin, RLUSD, in the coming months. This development could further enhance Ripple’s market position and drive innovation within the industry.
Future Market Predictions for XRP
Over the past month, XRP has demonstrated a notable upward trend, with a 4.6% increase. At the beginning of the month, the price hovered around $0.5131, dipping to $0.5034 on the third day. However, since November 5, the market has experienced a series of positive movements, culminating in a 10.12% rise. Analysts in the crypto sector are optimistic, predicting that XRP could potentially experience a 30X rally in the near future. Some forecast an aggressive short-term target of $1.10 for XRP.
In summary, Donald Trump’s victory has ignited hopes for regulatory reforms that could significantly impact the crypto market, particularly XRP. With potential changes on the horizon, investors and market participants are closely watching for developments that could shape the future of this digital currency.
