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The price of XRP has surpassed $1, a significant milestone that has not been observed since December 2021. Market value It rose by $20 billion to nearly $64 billion on November 17, when it reached $1.23. This boom sparked a wave of controversy within the cryptocurrency community; However, it is not only the price that attracts attention.
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Raising rumors about a meeting with Trump
Most of the speculation about the XRP surge stems from unconfirmed accounts that Ripple CEO Brad Garlinghouse met with President-elect Donald Trump. Although neither Garlinghouse nor Trump’s staff has confirmed or refuted it interviewThe rumors have sparked discussions across the sector.
Brad Garlinghouse supports XRP and CBDC applications. I praise the American dynamism and the smart appointments that will consolidate Trump’s legacy. We are not alike. https://t.co/AwpR8FBJgU
– Ryan Selkis (d/asc) 🇺🇸 (@twobitidiot) November 16, 2024
Some, like former Messari CEO Ryan Selkis, also announced his strongest term ever criticizing Ripple for potentially dictating US policy. Riot Platforms’ Pierre Rochard and others have expressed doubts about Ripple’s anti-bitcoin stance and how it could be detrimental to the future in terms of cryptocurrency regulation.
We cannot allow Ripple to exploit US policymaking with its anti-Bitcoin agenda.
Hopefully Trump will supply his administration with more bitcoins! https://t.co/TiXxAMRF7h
– Pierre Rochard (@BitcoinPierre) November 16, 2024
Garlinghouse expressed confidence in the Trump administration’s potential beneficial effects on the cryptocurrency sector, though Controversy. Garlinghouse suggested in a recent appearance on Fox Business that Trump is looking at the cryptocurrency industry as a potential source of innovation and entrepreneurship.
🚨Breaking news: CEO of the company @ripple – Brad Garlinghouse on Fox News!
Donald Trump held a meeting with Ripple. 👀
💥 #XRP Faces will melt 💥 pic.twitter.com/qp6CMbRTdY
– JackTheRippler ©️ (@RippleXrpie) November 15, 2024
His remarks, which focus on the activities of SEC Chairman Gary Gensler, are seen as directly addressing the regulatory hurdles currently affecting Ripple. This has reinforced the belief that if the government changes, more favorable conditions could exist for cryptocurrency activities taking place within the United States.
Whale activity and bullish sentiment are driving the rise of XRP
XRP’s rise isn’t just down to speculation; It is supported by strong market data. Whale activity is increasing, as evidenced by reports of large XRP transfers exceeding $316 million in two days.
Their action may be the decisive step towards higher prices, as such large-scale transactions usually indicate the positive mood of large shareholders. Second, the RSI indicates that XRP is bordering on the overbought zone; In other words, the boom has already reached its maximum. However, the level of hope is fairly high, and most people believe that this trend will continue.
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Looking to the future: Institutional interest and prospects for the ETF
In addition to the optimism, there is growing expectation that an XRP exchange-traded fund (ETF) may be in the works. This, combined with growing institutional interest in Ripple’s native token, could be an additional catalyst for the sustainable growth of XRP.
XRP currently Trading at $1.16 This makes it the best-performing cryptocurrency in the top ten in terms of market capitalization. Investors are keen to monitor its future path. There is no doubt that the future of Ripple is attracting a lot of interest, regardless of whether the rumors about the Trump meeting are accurate or not.
Featured image from Techreport, chart from TradingView
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