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Ripple CEO Brad Garlinghouse has shed light on the factors behind XRP’s remarkable 70% rally, which propelled its price to a two-year high of $0.9193. He attributes the surge to a combination of pro-crypto policies under the new administration, Robinhood’s relisting of XRP, and easing regulatory constraints in the U.S. Garlinghouse also welcomed 18 state attorneys’ involvement in lawsuits challenging the SEC’s approach to crypto regulation.
He further criticized the SEC’s actions as stifling U.S. innovation but expressed optimism that the changing regulatory wave would enable significant growth for U.S.-based crypto assets.
Trump as a “Crypto President” Fuels Market Optimism
In an interview with FOX Business, Garlinghouse referred to President-elect Donald Trump as a “crypto president,” commending his support for blockchain innovation and entrepreneurship. He described the post-election environment as transformative for the cryptocurrency sector, emphasizing Trump’s embrace of crypto.
“The crypto industry has embraced Trump, and Trump has embraced the crypto industry. I think it’s very genuine,” Garlinghouse remarked.
This optimism has extended to U.S.-linked cryptocurrencies like Solana (SOL) and Cardano (ADA), which have also experienced significant growth since Election Day. Garlinghouse highlighted that regulatory clarity is reducing pressures on these assets, allowing them to thrive.
Technically XRP on a Rise
XRP’s price breakout aligns with its escape from a symmetrical triangle pattern, signaling strong bullish momentum. Key developments, including Robinhood’s relisting of XRP, have further amplified market enthusiasm. The token is approaching a critical resistance level at $1.00, with analysts predicting a potential surge to $1.50 if the level is breached.
Moreover, institutional interest and increased trading activity have boosted the rally, with XRP’s trading volume climbing 25% in 24 hours to reach $11.7 billion. Whale activity, including a notable 60 million XRP transaction worth $52.8 million, underscores rising institutional interest.
— Whale Alert (@whale_alert) November 15, 2024
Currently, XRP is trading at $0.89, marking a 14% gain in 24 hours. With a market cap of $50.8 billion and trading volume surging to $11.65 billion, XRP’s future looks promising amid increasing institutional interest and favorable market conditions. Analysts remain optimistic about its potential to breach the $1.00 resistance and continue its upward trajectory.
XRP is on a roll and with all factors working in its favor there is a high chance of an XRP breakout according to the market watchers. But only time will tell how high it can go.