As a seasoned researcher with extensive experience in the ever-evolving landscape of cryptocurrencies, I find myself captivated by the recent surge of XRP, pushing past the $1 mark for the first time since December 2021. The market capitalization of this intriguing digital asset has increased by an impressive $20 billion, reaching approximately $64 billion on November 17.
The value of XRP has climbed above the $1 mark for the first time since December 2021, reaching a notable achievement. On November 17, its market capitalization swelled by an impressive $20 billion to around $64 billion, with the currency peaking at $1.23. This spike has ignited a buzz within the cryptocurrency world, but it’s not just the price that’s drawing attention.
The Pot Is Being Stirred By Rumors Of A Meeting With Trump
The majority of speculation regarding XRP’s rise can be traced back to unverified reports that Ripple‘s CEO, Brad Garlinghouse, had a meeting with then-President-elect Donald Trump. Despite neither Garlinghouse nor Trump’s team confirming or denying the encounter, these rumors have sparked conversations within the industry.
Brad Garlinghouse advocates for XRP and Central Bank Digital Currencies (CBDC). On the other hand, I endorse American progress, strategic decisions reinforcing Trump’s impact, and we are distinct in our focuses.
— Ryan Selkis (d/acc) (@twobitidiot) November 16, 2024
Certain individuals, including ex-Messari CEO Ryan Selkis, have openly criticized Ripple using the harshest terms available, questioning its potential influence on shaping U.S. policy. Pierre Rochard of Riot Platforms and others have voiced doubts about Ripple’s apparent anti-Bitcoin stance and how such an approach could potentially harm future crypto regulations.
We can’t let Ripple co-opt the United States policymaking process with their anti-bitcoin agenda.
Hopefully Trump will staff his Administration with more bitcoiners!
— Pierre Rochard (@BitcoinPierre) November 16, 2024
Garlinghouse believes that the Trump administration could have positive impacts on the cryptocurrency market, even amidst the ongoing controversies. During a recent interview on Fox Business, he hinted that President Trump views the crypto industry as a possible breeding ground for innovation and business growth.
BREAKING: CEO of @Ripple – Brad Garlinghouse on FOX NEWS!
Donald Trump had a meeting with Ripple.
#XRP WILL MELT FACES
— JackTheRippler © (@RippleXrpie) November 15, 2024
Essentially, his comments seem to zero in on the actions of SEC Chairman Gary Gensler and their impact on Ripple’s current regulatory hurdles. This has fueled speculation that a shift in government could bring more advantageous conditions for cryptocurrency operations within the U.S.
Whale Activity And Bullish Sentiment Drive The Rise Of XRP
The growth of XRP isn’t just based on guesswork; it’s backed up by solid market evidence. There’s been a significant uptick in whale activity, as indicated by news about large-scale XRP transfers totaling over $316 million within just two days.
It seems that a significant move could trigger a price increase, as massive transactions often signal confidence among major investors. Furthermore, the Relative Strength Index suggests XRP is nearing an overbought zone, implying the current surge might have peaked. Yet, optimism remains high, with many believing the upward trend will persist.
Looking Ahead: Institutional Interest And ETF Prospects
Beyond the growing optimism, there’s rising speculation that an Exchange Traded Fund (ETF) involving XRP might be developed. Combined with the escalating institutional attention towards Ripple’s digital coin, this development could serve as another driving force behind the continued expansion of XRP.
Right now, XRP is being traded at around $1.16, which makes it the standout performer among the top 10 cryptocurrencies in terms of market capitalization. Many investors are intrigued to see where its path leads next. Regardless if the speculations about a meeting with President Trump hold water or not, Ripple’s future is generating considerable interest.
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2024-11-18 15:40