XRP, the popular altcoin, has surged by more than 500% since Donald Trump’s victory in the U.S. presidential election, and the rally continues post-inauguration.
On Monday, XRP rose 2% in afternoon trading, adding to its impressive gains. The cryptocurrency has now become the third-largest by market value, following Bitcoin and Ether, and reached an all-time high of $3.40 on Friday.
Analysts, including Alex Kuptsikevich from FxPro, attribute the rise to rumors suggesting that XRP could be included in a U.S. cryptocurrency reserve, a proposal Trump has been vocal about since his campaign.
Trump’s plans for a strategic national reserve could offer a boost to digital assets like XRP.
XRP enthusiasts are also optimistic about potential regulatory changes under Trump’s administration.
In 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, the platform behind XRP, for allegedly selling unregistered securities.
However, with Trump nominating crypto-friendly Paul Atkins to head the SEC, many hope the legal battle against Ripple will be resolved favorably.
Atkins’ confirmation will require Senate approval, but his appointment could signal a shift towards a more crypto-friendly regulatory environment.
In addition to these developments, Trump’s launch of his own meme coin has further stirred the crypto market.
While some see it as a sign of Trump’s commitment to the crypto space, others have raised concerns about potential conflicts of interest and the impact on existing cryptocurrencies.
Critics argue that the introduction of new coins could undermine the credibility of the presidency and the first family.
Despite these controversies, XRP’s remarkable rise continues to capture the attention of investors and crypto enthusiasts alike.
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