The post Ripple News Update: XRP ETF Approval in Sight Following Trump’s Election Win appeared first on Coinpedia Fintech News
The entire cryptocurrency market has witnessed positive momentum since the victory of Republican candidate Donald Trump in the 2024 US presidential election against Democratic candidate Kamala Harris. The XRP market has also benefited from this fresh optimism. The market has grown by nearly 10.12% since November 5. There are rumors that the US SEC may approve XRP Spot ETFs soon. Really? Let’s verify!
How Trump’s Win Impacts XRP Market Speculation
On November 5, the day the election took place in the United States, the XRP market opened at $0.5035. By the close of trading, it grew by around 2.08%. On November 6, the day the victory of Donald Trump was almost confirmed, the XRP price hit a new monthly peak of $0.5418, recording a massive surge of over 5.34%. In the last 24 hours, the market has registered a rise of 3.8%. Now, the price stands at $0.5521.
This implies that the victory of Trump has infused fresh optimism into the XRP market.
During the US election campaign, Trump positioned himself as a crypto-friendly candidate. He made several aggressive promises to woo the crypto community, including pledging to remove US SEC Chairman Gary Gensler – who has earned the ire of the community for his regulatory crackdown on the crypto industry.
Several leading fund managers, like 21Shares, Bitwise, and Canary Capital, have filed for XRP ETFs. Many in the crypto community think that once Gensler is removed from his chair, the pending XRP ETF applications may move quickly towards approval.
Potential Ripple Market Developments Under Trump
Recently, Ripple CEO Brad Garlinghouse expressed his hope for a more favourable crypto regulatory environment under the Trump presidency.
Luke Thomas, a cryptocurrency market expert, suggested that Ripple may launch a stablecoin, named RLUSD, within the next few months.
Market Predictions for XRP
In the last 30 days, the XRP market has reported a notable rise of 4.6%. At the start of this month, the XRP price remained at nearly $0.5131. On the third day, it dropped to a low of $0.5034. Since November 5, the market has witnessed at least three consecutive green candlesticks. During the period, the market has risen by 10.12%.
Crypto analysts anticipate that the XRP market could see a 30X rally in the near future. Some even set an aggressive short-term target of $1.10 for XRP.
In conclusion, with Trump’s win sparking hopes of regulatory changes, the crypto market – especially XRP – may see significant developments in the coming months.