Ripple’s XRP Surges 188% After Trump’s Victory, CEO Garlinghouse Optimistic

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As a seasoned researcher with years of experience following the tumultuous world of cryptocurrencies, I can’t help but feel a sense of intrigue and cautious optimism regarding Ripple Labs under the Trump administration. The political landscape has undeniably played a significant role in shaping the fortunes of many companies, including Ripple, and with Trump’s known interest in cryptocurrencies, it’s not hard to see why there’s a buzz surrounding this development.

Ripple Labs is preparing for a substantial change as Donald Trump takes office, which could redefine the U.S. cryptocurrency regulatory environment. The CEO of the company, Brad Garlinghouse, expressed his positive expectations in a recent interview, indicating that the new administration might ease longstanding hurdles that Ripple has encountered during the Biden administration.

Under the Democratic government, Ripple faced intense legal struggles, notably against the U.S. Securities and Exchange Commission (SEC). These regulatory obstacles impeded the company’s growth, restricting its potential within the United States. However, with Trump’s election victory, there has been a significant transformation. Since then, Ripple’s native token, XRP, has seen an astounding surge from $0.5031 to $1.449—a remarkable increase of nearly 188.15% in less than two weeks, as per the data from Brave New Coin’s XRP Liquid Index.

Garlinghouse underscored the immediate necessity for government action to upgrade the current international payment systems. He sees the XRP platform as a feasible option, providing quicker and more affordable transactions compared to the present “slow and costly” methods. This strategic shift could place Ripple at the vanguard of financial innovation, not just in the U.S., but globally.

Ripple CEO Urges Clear Crypto Regulations

Ripple’s CEO admitted that the ongoing legal battle with the SEC has significantly hampered the company’s expansion. As 95% of Ripple’s customers reside outside the U.S., Garlinghouse expresses uncertainty about re-entering the U.S. market without clear regulatory directions. He emphasized countries like Japan, the United Kingdom, and Switzerland with friendlier cryptocurrency regulations, leading to substantial growth in their respective crypto sectors.

During his campaign, Donald Trump was portrayed as a supporter of digital currencies and vowed to reshape the regulatory environment. Many in the crypto community, including Garlinghouse, feel that Trump could offer the necessary clarity for effective regulation. This clarity is believed to be essential for the U.S. to regain its dominant position in the worldwide cryptocurrency market.

Going beyond just regulatory adjustments, Garlinghouse voiced criticism towards current regulators such as the SEC and CFTC, arguing they lack a comprehensive grasp of the unique characteristics of the cryptocurrency sector. He advocated for these bodies to adopt a more supportive approach, fostering innovation rather than stifling it. Such a shift could create a more favorable landscape for Ripple and other crypto firms to prosper.

Crypto Leadership, Controversy, and Hope for the U.S.

Garlinghouse mentioned a confidential conversation between Trump and Coinbase CEO Brian Armstrong about plans to boost the U.S. as a world leader in digital currencies using blockchain technology. This partnership could make the nation a primary hub for this technology within the next five to ten years. For Ripple and XRP investors, these advancements suggest a possible shift, particularly since the company is engaged in an ongoing legal dispute with the SEC.

However, not all responses within the crypto community have been positive. Ryan Selkis, the former CEO of Messari, criticized Garlinghouse on social media, accusing him of using his platform to promote XRP and Central Bank Digital Currencies (CBDCs). Similarly, Pierre Rochard, Vice President of Research at Riot Platforms, warned against allowing Ripple to influence U.S. cryptocurrency policy, fearing it could lead to an anti-Bitcoin agenda.

Despite these criticisms, Garlinghouse remained steadfast in his confidence during a recent appearance on Fox Business. He refrained from confirming any specific meetings with Trump but reiterated his belief in the genuine support from the new administration. 

The world of cryptocurrency welcomes Donald Trump, who in turn shows interest in this field. In my opinion, his enthusiasm is sincere as he recognizes potential, creativity, and business acumen – I’m eager to see what lies ahead.

XRP Poised for Remarkable Growth Ahead

Excitement regarding Trump’s presidency has had an impact on the market already. Following his reelection on November 5, the value of XRP skyrocketed, surpassing $1 and reaching $1.16 by November 20, 2024. This significant increase marks XRP’s best performance among the top ten cryptocurrencies by market capitalization, with a 102% rise in just one week. The sudden spike brings XRP back to levels last seen in November 2021, suggesting increased faith from investors.

The upward trajectory of XRP is bolstered by WisdomTree’s introduction of a physical ETP for XRP and an increase in institutional interest. Additionally, Ripple’s listing on Robinhood has expanded its investor base. However, technical signs like the Relative Strength Index suggest possible overbought conditions, implying a potential price adjustment. Nevertheless, investor enthusiasm largely stays positive, as they anticipate the favorable trend to persist.

Brad Garlinghouse holds a positive outlook, anticipating that the Trump administration will foster a more conducive environment for cryptocurrencies. With regulations expected to become clearer, Ripple plans to utilize its XRP platform to revolutionize cross-border payments. This could potentially spur substantial growth and innovation in the American crypto market.

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2024-11-22 15:13