XRP surged over 16% in 24 hours, fueled by regulatory optimism following Donald Trump’s election, sparking expectations of a rally to $1. XRP was trading at $0.8035 when writing, leading the gains among the top 100 crypto assets with a…
With regulatory optimism after Donald Trump’s election, XRP jumped more than sixteen percent in a single day, raising hopes for a climb to $1.
At the time of writing, XRP was up 16.6% per day, topping the gains among the top 100 cryptocurrency assets at $0.8035. This increased its seven-day advances to 45.9%, which was its biggest level since July 20, 2023, this year.
Why is XRP price rising?
Concurrent with the rally, there was increased conjecture on social media over Gary Gensler’s possible resignation as SEC chairman. His Nov. 14 message, in which he called his time at the SEC “a great honor” and praised his colleagues for their commitment, generated rumors that he was about to leave.
Members of the cryptocurrency community are hoping that Trump will follow through on his pledge to fire the current SEC Chair on his first day in office as he gets ready for his second term.
The community also speculates that the SEC may drop its most recent appeal in the Ripple case as a result of Gary Gensler’s retirement as SEC Chair, which might end the six-year legal spat between the securities watchdog and Ripple Labs.
Furthermore, the current optimistic attitude around the cryptocurrency has been fueled by reports that Trump may remove all capital taxes on cryptocurrencies created by American corporations, which might help tokens like XRP.
The statement by SG-FORGE, Société Générale’s digital asset business, that it will introduce EUR CoinVertible (EURCV), a euro-backed stablecoin, on the XRP Ledger (XRPL) network is another stimulus driving up the price of XRP.