At 3:48 p.m. ET on Wednesday, the value of XRP increased by 6.3% compared to the previous 24-hour period, amounting to a 7.32% increase overall. Although no clear cause for this growth could be traced within the crypto market, several possible factors might have contributed to this uptrend.
A crypto-packed day
Initially, Wednesday was marked by a stirring news event as various media platforms announced, based on an unnamed White House source, that President Donald Trump intended to dismiss Federal Reserve Chair Jerome Powell, a figure Trump has long criticized. The stock market began to plummet until Trump eventually refuted the claim.
The possibility of Trump dismissing Powell might influence cryptocurrency values. Should Trump indeed take such an action, which Powell has stated is illegal, some investors might question the reliability of free-market principles in the U.S., as well as the credibility of the Fed. In response, these investors may gravitate towards the mostly decentralized and alternative crypto system.
In today’s update, it was announced that the House of Representatives decided to revisit several crypto-related bills on Wednesday afternoon, which had stalled during procedural proceedings the day before. These bills, if passed, will establish guidelines for stablecoins and digital assets, as well as prohibit the Federal Reserve from developing its own central bank digital currency. Crypto supporters consider these bills essential to resolve regulatory ambiguity.
Furthermore, Governor Gavin Newsom unveiled a fresh endeavor known as the California Forward Project, which aims to collaborate with prominent tech innovators from around the state in an effort to streamline the government. This team features Chris Larsen, the executive chairman of Ripple, the organization behind XRP.
Is XRP a buy?
1) If the three proposed cryptocurrency bills make it through Congress, the entire cryptocurrency industry could experience significant benefits. Notably, Ripple, a prominent player in the field, boasts its own stablecoin, which XRP functions as a connecting currency within this system.
XRP captures attention due to its robust technical infrastructure capable of handling numerous transactions each second. Additionally, it could potentially profit from Ripple’s efforts in facilitating cross-border payments with traditional banks and large investors. However, given its volatile and speculative nature, it is advisable to maintain a limited exposure to XRP at this time.
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2025-07-16 23:47