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The price of XRP has surpassed $1, a major milestone not seen since December 2021. market capitalization increased by $20 billion to about $64 billion on November 17, when it reached $1.23. This wave has led to a frenzy of discourse within the cryptocurrency community; However, it’s not just the price that attracts attention.
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The pot is being fueled by rumors of a meeting with Trump
Most of the conjecture about XRP’s rise stems from unsubstantiated stories that Ripple CEO Brad Garlinghouse met with newly elected President Donald Trump. Although neither Garlinghouse nor Trump’s aides have confirmed or refuted this meetingthe rumors have sparked debate throughout the industry.
Brad Garlinghouse shilling XRP and CBDC deployments. I donate the American dynamism and smart appointments that will cement Trump’s legacy. We are not the same. https://t.co/AwpR8FBJgU
— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) November 16, 2024
Some, like former Messari CEO Ryan Selkis, have also come out with the strongest term ever, criticizing Ripple for its ability to dictate US policy. Riot Platforms’ Pierre Rochard and others have expressed skepticism about Ripple’s anti-Bitcoin stance and how it could be detrimental to the future of crypto regulation.
We cannot let Ripple co-opt the United States’ policymaking process with their anti-bitcoin agenda.
Hopefully Trump will staff his government with more bitcoiners! https://t.co/TiXxAMRF7h
— Pierre Rochard (@BitcoinPierre) November 16, 2024
Garlinghouse has expressed confidence in the Trump administration’s potential beneficial effects on the cryptocurrency sector, despite the crisis controversy. Garlinghouse suggested in a recent appearance on Fox Business that Trump sees the crypto industry as a potential source of innovation and entrepreneurship.
🚨BREAKING: CEO of @Ripple – Brad Garlinghouse on FOX NEWS!
Donald Trump met with Ripple. 👀
💥 #XRP WILL MELTEN FACES 💥 pic.twitter.com/qp6CMbRTdY
— JackTheRippler ©️ (@RippleXrpie) November 15, 2024
His comments, which take aim at the activities of SEC Chairman Gary Gensler, are seen as a direct address to the regulatory hurdles Ripple currently faces. This has reinforced the belief that, if the government were to change, more favorable conditions could exist for crypto activities within the United States.
Whale activity and bullish sentiment are driving the rise of XRP
The rise of XRP is not just due to speculative conjecture; it is backed by robust market data. Whaling activity has increased, as evidenced by reports of substantial XRP transfers of more than $316 million in the space of two days.
Their action could be the decisive step for a price increase, as such large-scale transactions usually indicate the positive mood of the large owners. Second, the Relative Strength Index indicates that XRP is on the border of overbought territory; in other words: the increase has already reached its maximum. However, hopes are quite high and most people think this trend will continue.
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Looking ahead: institutional interest and ETF prospects
In addition to the optimism, there are increasing expectations that an XRP Exchange Traded Fund (ETF) may be in the works. This, coupled with increasing institutional interest in Ripple’s native token, could be a further catalyst for XRP’s sustainable growth.
XRP is currently trading at $1.16, making it the best performing cryptocurrency in the top 10 by market capitalization. Investors are curious about the future trajectory. Ripple’s future is sure to attract a lot of attention, regardless of whether the rumors of a Trump rally are true.
Featured image from Techreport, chart from TradingView