The CEO of Ripple attributes the 70% post-election spike in XRP to pro-crypto legislation, regulatory clarification, and Robinhood’s relisting of XRP.
Source: The Market Periodical
Ripple CEO Brad Garlinghouse has attributed the recent spike in XRP pricing to rising optimism for regulatory clarity in the United States. In an interview with FOX Business, Garlinghouse underlined the need for a more balanced approach to cryptocurrency regulation under the next government. He stated that US-linked cryptocurrencies, such as Solana (SOL) and Cardano (ADA), have grown significantly since Election Day.
Ripple CEO praises Trump as a “Crypto President” Amid XRP’s 70% Increase
Ripple CEO Brad Garlinghouse hailed the post-election scenario as transformational for the cryptocurrency industry. He attributed the increased value of XRP to pro-crypto policy. The CEO described President-elect Donald Trump as a “crypto president.” He commended his receptiveness to blockchain enterprise and innovation.
Brad Garlinghouse CEO of Ripple (Source: CNBC
“The crypto sector embraced Trump, and Trump embraced the crypto industry. I think it’s quite sincere, and I believe he recognizes the possibilities, innovation, and entrepreneurship, and I’m extremely enthusiastic about the future.”
Garlinghouse pointed out that because of the expected relaxation of regulatory pressure, U.S.-linked cryptocurrency assets like XRP, SOL, and ADA have performed better than other currencies.
“These US companies and technologies have been under pressure and manipulation from the US SEC, and now that pressure has been removed, they are exploding upwards.”
XRP’s Price Rises Amid Positive Attitude
Important events like Robinhood’s relisting of the token and market optimism have propelled the price of XRP to a two-year high of $0.9193. According to analysts, this spike coincides with a symmetrical triangle pattern breakout, indicating significant bullish momentum.
At $1.00, XRP is currently getting close to a crucial resistance level. Analysts predict more gains for XRP if this resistance level is broken.
Whale Activity and Institutional Interest Drive Derivatives Market
The XRP derivatives market has seen a rush of activity. Open interest has increased by 13%, reaching $1.5 billion. This surge is because of increasing whale activity, which includes a trade of 60 million XRP worth $52.8 million.
Source: Brave New Coin
Trading volume increased significantly, rising 25% to $11.70 billion on the last day. These indicators highlight rising speculation and hope for XRP’s future performance under more benevolent regulations.
Furthermore, Ripple CEO expressed enthusiasm for the changing regulatory landscape, citing continuing lawsuits and challenges. He applauded the engagement of 18 state attorneys general who had sued accusing the SEC of overreach in cryptocurrency regulation.
