Key Takeaways
XRP surged to over $1 amid rumors of a Trump and Ripple CEO assembly.
Management adjustments on the SEC may affect ongoing instances in opposition to Ripple Labs.
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Ripple’s XRP token has soared above $1—its highest degree since November 2021—amid rising hypothesis surrounding a possible assembly between president-elect Donald Trump and Ripple CEO Brad Garlinghouse.
Knowledge from CoinGecko reveals that XRP recorded an 89% achieve over the previous week, buying and selling at $1.09 on the time of writing. The bounce brings XRP again into the highest six crypto property by market capitalization, overtaking Dogecoin.
XRP additionally outperformed the broader crypto market with a 22% enhance over 24 hours, whereas Bitcoin and Ethereum confirmed modest beneficial properties.
Did Ripple CEO meet Trump?
Rumors of Garlinghouse having a gathering with Trump surfaced after the CEO of Ripple favored a publish by Zach Rector that talked about the assembly. Though Garlinghouse didn’t explicitly verify the assembly, his engagement within the publish was interpreted as an endorsement of the declare.
Confirmed ✅ #XRP pic.twitter.com/krpLrgrR2c
— Zach Rector (@ZachRector7) November 12, 2024
Garlinghouse’s latest dialog with FOX Enterprise additionally lends credibility to hypothesis.
Throughout an interview with FOX Enterprise yesterday, when requested in regards to the speculated assembly with Trump, Garlinghouse jokingly averted offering specifics, which led the anchor to interpret his response as affirmation.
The assembly rumors come at a time when Trump is positioning himself for a return to energy, and there are hopes amongst crypto traders that his administration can be extra favorable in the direction of crypto laws, which may gain advantage Ripple and XRP, in addition to different trade companies.
SEC Chair’s potential resignation
XRP’s value motion turned bullish after SEC Chair Gary Gensler hinted that he may depart from his function throughout a Thursday speech on the Practising Regulation Institute’s Annual Institute on Securities Regulation.
In line with FOX Enterprise reporter Eleanor Terrett, Gensler is anticipated to resign after Thanksgiving and depart earlier than Donald Trump’s inauguration in early January.
Though Gensler’s potential departure wouldn’t be uncommon, particularly contemplating historic situations the place SEC chairs typically resign when a brand new administration takes workplace, crypto market individuals have strongly reacted to the potential of a change in management on the SEC.
This risk has specific significance for Ripple Labs, which has been engaged in an prolonged authorized battle with the regulatory physique below Gensler’s tenure.
A brand new SEC chair may doubtlessly result in dismissals or settlements in ongoing instances in opposition to crypto corporations, together with Ripple Labs, Coinbase, and Binance.
The regulatory outlook has influenced different digital property as nicely, with Cardano’s ADA token rising 14% to $0.75 over the previous 24 hours, per CoinGecko.
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