Cryptocurrency
"Ripple's XRP Skyrockets, Bets on ETF After Trump Win"
2024-12-02
Ripple's XRP has witnessed a remarkable price increase since the victory of Republican Donald Trump in the U.S. presidential election. This has set the stage for 2025 to be a significant year for both bitcoin and the crypto market. Unlock over $3,000 in NFT, web3, and crypto perks by applying now! XRP, which briefly became the world's third-largest cryptocurrency behind bitcoin and ethereum due to its 400% price rally in the last month, is now approaching its 2017 bull run all-time high after a leak revealed a planned December launch.Wall Street's Push for XRP ETF
Elon Musk's quiet confirmation of a crypto market game-changer has led Wall Street to push for Ripple's XRP to win a spot exchange-traded fund (ETF). This follows in the footsteps of bitcoin and ethereum, which scored their own spot ETFs this year. ETF giant WisdomTree has joined Bitwise and Canary Capital in filing to create an XRP spot ETF, with Bank of New York Mellon serving as the administrator for the proposed trust. The fleet of bitcoin spot ETFs that debuted in January has surged, becoming some of the fastest-growing ETFs of all time, boosting the bitcoin price and sparking speculation about the potential for future crypto spot ETFs to fuel price gains.Legal Battle and Its Impact
Ripple's XRP had been stagnant during the 2021 bitcoin price and crypto market bull run due to a long-running legal battle with the U.S. Securities and Exchange Commission (SEC). However, the situation may be changing. SEC chair Gary Gensler, who brought charges against Ripple for XRP sales he claimed were the sale of unregistered securities, said he will quit the agency in January to make way for a U.S. president-elect Donald Trump appointee. This could potentially bring an end to the legal battle. Arthur Azizov, the chief executive of crypto exchange and payment processor B2BinPay, stated that XRP was in an accumulation phase for nearly three years, around 900 days. The duration of such a phase often determines the strength of the subsequent rally, which is why XRP has surged around 404% since November 4. He also added that the improving regulatory landscape and XRP's "immense potential" could push its price beyond its 2017 bull run all-time high in 2025.XRP's Recent Performance
The XRP price has been on a rapid upward trajectory in the last few weeks, making it the third-largest cryptocurrency after bitcoin and ethereum. In the past, XRP's growth was restricted by its ongoing legal battle with the SEC, even as other alt coins were rallying. But right after the announcement of SEC chair Gary Gensler's resignation, XRP has risen by over 36%. His departure has raised expectations that the legal battle could soon end in Ripple's favor. Additionally, major companies are reportedly planning XRP ETFs and awaiting the conclusion of the lawsuit, which could also pave the way for an IPO for Ripple. The crypto community is betting that Trump will install a crypto-friendly SEC chair due to his close links to crypto through his non-fungible token (NFT) collections and his new cryptocurrency and decentralized finance (DeFi) platform World Liberty Financial.Sign up now for the free CryptoCodex - A daily five-minute newsletter for traders, investors, and the crypto-curious that will keep you up to date and ahead of the bitcoin and crypto market bull run.