TL;DR
- XRP lagged behind other assets despite a market rally tied to Trump’s win. However, some analysts remain hopeful for a breakout if it clears key price levels.
- Ripple’s CEO Brad Garlinghouse welcomed the Trump victory, calling for changes like replacing SEC Chair Gensler and clarifying Ethereum’s regulatory status.
XRP is Late for the Party… Again
The cryptocurrency market has been on a tear in the past several hours, caused by Donald Trump’s triumph in the US presidential elections. The Republican has presented himself as the right choice for those in favor of the asset class, promising to let bitcoin thrive and hinting at establishing a national BTC reserve.
Earlier today, the price of the primary cryptocurrency tapped a new all-time high of over $75K, while currently, it trades at around $74,200 (CoinGecko’s data). Other top performers include Dogecoin (DOGE), Solana (SOL), Avalanche (AVAX), Sui (SUI), and Uniswap (UNI), all of which exploded by double digits.
Ripple’s XRP is also in the green, albeit charting less substantial gains than most of its rivals. It currently trades at around $0.53, representing a mere 2.5% increase on a weekly basis. Those curious to find out why XRP might be trailing behind can check out our dedicated article here.
Despite its underperformance (compared to the rest of the market), numerous analysts remain optimistic that the asset has yet to fly high. According to X user EGRAG CRYPTO, XRP’s value has been following a so-called “just do it” chart (resembling the logo of the apparel giant Nike) in the past years. The trader assumed that this trend could lead to a price appreciation of as high as $1.60 in the future.
Moreover, they suggested that “a solid weekly close above $1.10 and confirm it as strong support” could mean that XRP may never plunge below $1 again.
Other analysts chipping in recently include Dark Defender and Crypto Rand. The former believes XRP could experience a bull run if its price exceeds the vital resistance levels of $0.5286, $0.6044, and $0.6649. Crypto Rand claimed the asset’s condition as of late represents a “do or die momentum,” setting $0.50 as an important support zone.
Ripple’s CEO Congratulates Trump
Prominent individuals part of the crypto world congratulated the Republican for his victory. Among them was Ripple’s CEO – Brad Garlinghouse.
He also urged Trump to focus on some important points during his first 100 days after taking the helm. The main tip focuses on the firing of the US SEC’s Chairman Gary Gensler. Recall that the Republican promised to dismiss the agency’s head on day one.
Gensler and the regulator he spearheads have been at war with many crypto businesses, including Ripple. The lawsuit between the company and the SEC has been among the hottest topics in the space for years.
It is safe to assume that the XRP army will expect Trump to stick to his promise and replace Gensler with someone who is more open to innovation and less likely to hamper the industry’s advancement with court battles.
Another point mentioned by Garlinghouse concerns the status of Ethereum (ETH). Specifically, he asked Trump to classify the second-largest cryptocurrency as non-security (similar to BTC and XRP).
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