Is The Garlinghouse-Trump Connection Fueling The Rise?
The price of XRP has crossed $1, a major milestone not seen since December 2021. Market value It increased by $20 billion to about $64 billion on Nov. 17, when it hit $1.23. The surge has sparked a frenzy of discussion within the cryptocurrency community; however, it’s not just the price that’s causing concern.
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Rumors of meeting with Trump are stirring the pot
Much of the speculation about XRP’s surge stems from unsubstantiated claims that Ripple CEO Brad Garlinghouse met with President-elect Donald Trump. Although neither Garlinghouse nor Trump’s staff have confirmed or refuted this claim Meetingthe rumor triggered discussions throughout the industry.
Brad Garlinghouse is shilling for XRP and CBDC implementation. I applaud America’s energy and smart appointments that will solidify Trump’s legacy. We are different. https://t.co/AwpR8FBJgU
— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) November 16, 2024
Some, including former Messari CEO Ryan Selkis, have also publicly spoken out in some of the strongest terms ever, criticizing Ripple for potentially determining U.S. policy. Riot Platforms’ Pierre Rochard and others have expressed doubts about Ripple’s anti-Bitcoin attitude and its damage to the future of cryptocurrency regulation.
We cannot allow Ripple to align the U.S. policymaking process with their anti-Bitcoin agenda.
Here’s hoping Trump equips his administration with more Bitcoin supporters! https://t.co/TiXxAMRF7h
— Pierre Rochard (@BitcoinPierre) November 16, 2024
Garlinghouse expressed confidence in the potential beneficial impact of the Trump administration on the cryptocurrency industry, despite dispute. Garlinghouse said in a recent appearance on Fox Business that Trump sees the cryptocurrency industry as a potential source of innovation and entrepreneurship.
🚨Breaking: CEO @ripple — Brad Garlinghouse, Fox News!
Donald Trump meets with Ripple. 👀
💥 #ripplecoin Your face will melt💥 pic.twitter.com/qp6CMbRTdY
— JackTheRippler ©️ (@RippleXrpie) November 15, 2024
His remarks were mainly directed at the activities of SEC Chairman Gary Gensler and are considered to directly address the regulatory obstacles currently affecting Ripple. This reinforces the belief that if there is a change in government, more favorable conditions may exist for crypto activities in the United States.
Whale activity and bullish sentiment drive XRP gains
The rise of XRP is more than just speculative speculation; strong market data confirms it. Whale activity has been increasing, with reports of massive XRP transfers exceeding $316 million in two days.
Their action could be a decisive step for a price increase, as such large transactions often indicate positive sentiment from major shareholders. Secondly, the Relative Strength Index indicates that XRP is on the border of overbought territory; in other words, the surge has reached its maximum. However, levels of hope are quite high, with most believing the trend will continue.
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Looking Ahead: Institutional Interest and the ETF Outlook
Adding to the optimism, expectations are growing that an XRP exchange-traded fund (ETF) may be in the works. This, coupled with growing institutional interest in Ripple’s native token, could serve as a further catalyst for XRP’s continued growth.
Ripple currently Trading price is $1.16, Making it the best-performing cryptocurrency among the top ten by market capitalization. Investors are eager to see its future trajectory. Regardless of whether the rumors about Trump’s meeting are accurate, the future of Ripple will undoubtedly attract a lot of attention.
Featured images from Techreport, charts from TradingView
