XRP is experiencing a historic rally in the cryptocurrency market, fueled by optimism over regulatory changes following Donald Trump’s recent election as President of the United States. The cryptocurrency has gained significant momentum, surging over 100% in value over the past two weeks, and is now trading at levels not seen in three years.
At the time of press, XRP is priced at $1.08, a sharp rise from $0.4935 two weeks ago. This represents a near-doubling of its price within a short span.
Over the last 24 hours alone, XRP has climbed by 11%, surpassing the psychological $1 threshold. This performance comes during a period when Bitcoin, despite its earlier surge to a record high of $93,000, has started to lose steam as it currently trades at $90,394
Ripple CEO Attributes XRP Surge to Improved Regulatory Environment
Ripple CEO, Brad Garlinghouse recently spoke on factors driving XRP’s remarkable performance. In an interview with FOX, he attributed the surge to an improved regulatory outlook in the United States, which he links to the election of Donald Trump as President.
Garlinghouse noted that Trump’s victory signals a shift in the regulatory environment, particularly for U.S.-based cryptocurrency companies, which have faced prolonged scrutiny from the Securities and Exchange Commission (SEC). According to him, this change in leadership has created optimism within the crypto community and provided relief to the industry.
“The crypto community now benefits from a pro-crypto president who has embraced the industry,” Garlinghouse said, emphasizing the impact of Trump’s promise to overhaul the SEC. He also pointed out that the period following Trump’s election has seen significant price gains for assets associated with U.S.-based blockchain projects, including XRP and Cardano (ADA).
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XRP and ADA Lead Market Gains
XRP’s performance is not an isolated case. Cardano (ADA), another major U.S.-linked cryptocurrency, has also seen a substantial increase in value since the election. Over the past ten days, ADA has surged from $0.3339 to $0.7245, marking an impressive 116% gain.
XRP, in comparison, has climbed from $0.514 to $1.16 during the same period, registering a 110% increase. Among leading cryptocurrencies, Dogecoin has been one of the few assets that outperformed XRP and ADA in this timeframe, further highlighting the diversity in market reactions.
Shifting Dynamics in the U.S. Crypto Market
Garlinghouse underscored that this market movement should not come as a surprise. He reiterated that U.S.-based crypto firms have faced significant challenges under previous regulatory frameworks, particularly from the SEC. With a new administration poised to implement changes, the environment appears more favorable for innovation and growth.
“The SEC has pressured U.S. crypto firms and technologies for years. Now that the pressure is easing, as a new pro-crypto leader takes office and vows to restructure the SEC, we are seeing the market respond positively,” Garlinghouse said.
XRP’s continued rally highlights growing investor confidence in its potential under a pro-crypto and blockchain technology administration. As the crypto market adjusts to these developments, industry stakeholders remain optimistic about the implications for long-term growth and innovation in the U.S. market.
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