XRP (XRP) Price Prediction: Will Trump's Win Clear XRP's Legal Hurdle?

XRP has faced a turbulent year, underperforming compared to major rivals like Bitcoin and Ethereum. It is currently trading at $0.5, down 1.2% from that last 24 hours.

XRP price today encountered another round of shilling attempts as an XRP advocate highlighted an old news item to hype the token. XRP price showed little movement from the last 24 hours, continuing its poor performance this year.

XRP Shilling Attempts Highlight Old News

In a bid to uplift XRP’s struggling price, an XRP advocate took to Twitter and reshared 3 years old news about Ripple’s potential use in cross-border payments. This advocate, who goes by the user name Brett_Crypto_X, shared a snapshot of the World Bank report on CBDC for cross border payment which includes the name of XRP.

This snapshot was shared to make it seem like XRP is being considered by the World Bank for cross-border payments. However, this report was initially published back in 2020 and does not constitute any new development.

This attempt at shilling XRP comes as the token has underperformed major rivals like Bitcoin and Ethereum in 2024. Despite the occasional hype around Ripple’s potential in cross-border payments, XRP’s price has seen major drops, making it one of the poorest-performing tokens of the year.

XRP Price Shilling Fails To Move Markets

As highlighted earlier, XRP price today showed little movement from the last 24 hours. The token’s price was down by 1.2% at $0.50 and has declined by roughly 10% since January. This contrasts starkly with the gains seen in Bitcoin and Ethereum.

Bitcoin’s YTD performance stands at 80.06%, and Ethereum has also maintained a solid position with a YTD increase of 27.74%.

Related Reading: XRP Community Anticipates Donald Trump’s Win To Clear Legal Hurdle For Ripple

XRP price is also down by 33.6% from the year’s opening price of $0.74. Throughout the year, XRP’s price has been plagued by the ongoing lawsuit by the U.S. Securities and Exchange Commission (SEC).

The SEC alleges that XRP is an unregistered security and has charged Ripple Labs, its executives, and 2 affiliated entities with conducting an illegal, ongoing digital asset securities offering.

However, XRP’s poor performance could be attributed to more than just the lawsuit as the broader crypto market has also experienced turbulence in 2024. Stringent macroeconomic conditions and fears of a recession have led to a downturn in the crypto market.

Despite the shilling attempts, XRP price remained largely stagnant today, failing to respond to the claims.

You May Also Like: XRP Will Hit $1 After Donald Trump Kicks Gary Gensler Out of SEC

Will Trump’s Win Clear XRP’s Legal Hurdle?

One factor that could positively influence XRP’s trajectory is Donald Trump’s win in the recent U.S. presidential election. One of Trump’s key promises to the crypto community was to remove current SEC Chair Gary Gensler on day one of his presidency.

Gensler has taken strong action against digital assets, including XRP. Although Trump can’t directly fire Gensler, he can appoint a new SEC chair upon taking office. The next appointee would likely take a more crypto-friendly approach. Ripple’s CEO Brad Garlinghouse also shared the same views on X

A new SEC leadership could potentially favor Ripple’s native token, helping to resolve its legal issues more quickly. If XRP gains regulatory clarity, it could open doors to new financial products like ETFs, which would attract institutional investment and boost its market performance.

While skepticism remains high, market analysts suggest the token could rebound if these legal and institutional catalysts come to fruition. Above all, if Wall Street money flows into XRP ETFs, the token may finally break free from its prolonged underperformance.

The above is the detailed content of XRP (XRP) Price Prediction: Will Trump's Win Clear XRP's Legal Hurdle?. For more information, please follow other related articles on the PHP Chinese website!