The cryptocurrency market witnessed a remarkable surge in XRPs value following Donald Trumps election.
The Ripple-associated token skyrocketed by 546% since the United States elections, vastly outperforming Bitcoins 56% gain.This astounding rally stems from a series of regulatory developments and political shifts.
XRPs tumultuous journey began with the United States Securities and Exchange Commission (SEC) lawsuit under the Biden administration.The SEC, led by crypto-skeptic Gary Gensler, accused Ripple of offering unregistered securities through XRP.
This legal battle cast a shadow over XRPs future.A turning point came in July 2023 when Judge Analisa Torres ruled that XRP trading on crypto exchanges did not constitute investment contracts.
This decision sparked a 50% price jump in a single day.XRP Surges Over 500% Since Trumps Election: A Regulatory Turnaround Tale.
(Photo Internet reproduction)Ripples Surge Amid Regulatory ShiftsThe regulatory climate improved further when Trump, during his campaign, vowed to dismiss Gensler from the SEC.
Genslers resignation in November, shortly after Trumps election, paved the way for a more crypto-friendly environment.The appointment of Paul Atkins, a cryptocurrency enthusiast, as Genslers replacement signaled a positive shift for Ripple and XRP.
Recent developments added fuel to XRPs rally.Ripple CEO Brad Garlinghouse met with Trump, sparking rumors about a potential government strategic reserve of cryptocurrencies, including XRP and Solana.
However, experts remain skeptical about this possibility.Ayron Ferreira, a senior analyst at Honey Island Capital, believes a Bitcoin-only reserve is more likely.
He cites altcoins high volatility as a barrier to their inclusion in strategic reserves.Vinicius Bazan, CEO of Underblock, attributes XRPs surge to its long-dormant status and Ripples effective lobbying efforts.
Bazan views the XRP rally as part of a broader Trump trade phenomenon.He considers a Bitcoin-only reserve more feasible in the short term.
Despite a recent 3.3% dip to $3.25, XRP still boasts a 39.3% gain over the past week.