The recent surge in XRP’s price can be attributed to a combination of factors, including Donald Trump’s election victory, developments in Ripple’s legal battles, and the anticipation of a new stablecoin project. XRP, the native cryptocurrency of Ripple, has experienced a significant rise in market value, marking a new high for 2024 as optimism grows for pro-crypto policies in the United States under President-elect Trump.
On December 1, XRP surpassed Solana in market capitalization and subsequently overtook Tether’s USDT to become the third-largest cryptocurrency by market cap. According to data from Cointelegraph Markets Pro, XRP reached a peak price of $2.46 on December 2 before stabilizing at $2.29. This price increase aligns with investor expectations of a more favorable political and regulatory environment, coupled with progress on Ripple’s overcollateralized stablecoin project, RLUSD.
Impact of Trump’s Election Victory on Crypto Markets Donald Trump’s victory in the 2024 U.S. presidential election sparked a rally across the cryptocurrency market, led by Bitcoin, which achieved an all-time high of $99,645 on November 22. XRP followed suit, buoyed by speculation about improved crypto regulations under the new administration.Further boosting XRP’s momentum were rumors of a meeting between Ripple CEO Brad Garlinghouse and Trump. Although unconfirmed, this speculation led to a 17% increase in XRP’s price on November 15. While some in the crypto community criticized these developments, the overall sentiment toward XRP remained positive.
Progress on Ripple’s Legal Challenges Ripple has been entangled in a legal battle with the Securities and Exchange Commission (SEC) since 2020 over allegations of unregistered securities offerings through XRP sales. However, industry experts speculate that the Trump administration may facilitate the dismissal or settlement of such cases. Joe Lubin, CEO of Consensys, recently expressed optimism about resolving these disputes, suggesting it could save the crypto industry substantial legal costs.Former Commodity Futures Trading Commission Chair Chris Giancarlo has also advocated for regulatory agencies to drop cases like Ripple’s, emphasizing the need for a more constructive regulatory approach. Anticipation for the RLUSD Stablecoin Ripple’s forthcoming RLUSD stablecoin has added to the excitement surrounding XRP. Reports suggest that the New York Department of Financial Services (NYDFS) is likely to approve the stablecoin, with a potential launch slated for early December.
Ripple plans to integrate RLUSD and XRP into its cross-border payment solutions, further enhancing its utility and market appeal.Together, these developments signal a promising future for Ripple and the broader cryptocurrency market.
