The cryptocurrency community is euphoric about a possible Donald Trump victory as President of the United States. Zach Rector, a notable crypto analyst, recently shared a post on X, stating, “Remember what XRP did during the first Trump presidency.”
Rector asked the community to remember how well XRP performed during the last Trump tenure. XRP achieved significant milestones during Trump’s initial presidency. This period was the best in XRP’s history, as the digital asset surged to its all-time high of $3.84 in January 2018.
However, XRP’s momentum waned under the administration of President Joe Biden. The lawsuit against Ripple, filed by the U.S. Securities and Exchange Commission (SEC) in December 2020 when Trump was about to leave office, accused the company of conducting an unregistered securities offering through the sale of XRP.
The subsequent stagnation of XRP can be largely attributed to regulatory challenges and the protracted SEC lawsuit against Ripple backed by the Biden administration. The lawsuit hurt XRP’s adoption and hampered Ripple’s partnerships and efforts to advance the crypto market.
After four years, the Biden administration failed to provide adequate crypto regulation, making the future of crypto in the United States uncertain.
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Trump’s Stance on Cryptocurrency
During his 2024 presidential campaign, Trump expressed a favorable view of cryptocurrencies. He has criticized current SEC Chair Gary Gensler’s regulatory approach and promised to fire Gary Gensler on day one if elected.
Trump’s vision includes making America the global leader in cryptocurrency, fostering innovation, and reducing regulatory hurdles for the industry. This pro-crypto stance has resonated with many in the cryptocurrency community, including Rector.
They believe a Trump presidency could create a more favorable regulatory environment for digital assets, potentially leading to significant market growth.
Will XRP Rise Again?
A more crypto-friendly administration could lead to regulatory clarity, which has been a significant barrier to XRP’s growth. The SEC lawsuit has held down the digital asset, but if Trump ends it, it could start a massive bull run for the digital asset.
A crypto expert recently shared reasons why XRP holders should be bullish if Trump becomes president. At press time, Trump is leading the race with 248 electoral votes to Kamala Harris’ 214 electoral votes. XRP has also shown bullish momentum, climbing 5.14% to its current price of $0.5359.
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