XRP Is Back Trading Above $1 After an Impressive 89% Pump This Week

Its long-term holders are now running a victory lap, with this marking the first time in years that XRP is outperforming the market.

XRP price soared by 89% this week, outperforming the broader market as a slew of regulatory developments fueled optimism among investors.

Its long-term holders are celebrating a victory lap after XRP outperformed the market for the first time in years.

The victory is largely attributed to the Trump administration’s pro-crypto stance and the expectation that SEC Chair Gary Gensler will step down.

Meanwhile, Ripple CEO Brad Garlinghouse confirmed that he is communicating with the Trump administration’s transition team.

After a dismal 2023, XRP price has skyrocketed by 89% this week, outperforming the broader market and leaving investors optimistic about the future.

After years of underperformance, XRP outperformed the market for the first time. This is a significant achievement for the token, which has been battered by regulatory concerns and lawsuits.

However, the Trump administration’s pro-crypto stance and the expectation that SEC Chair Gary Gensler will step down have boosted investors’ confidence in XRP.

Furthermore, Ripple CEO Brad Garlinghouse stated that he is communicating with the Trump administration’s transition team, describing it as a “breath of fresh air.”

Chatted with @TonyRomm about how the incoming Trump Administration is already engaging proactively with the crypto industry on clear rules of the road…what a breath of fresh air!

https://t.co/uV5nCRRl1l

https://t.co/XZhPZm26qv

Trump’s embrace of crypto is a major relief for those who were targeted by the SEC during the previous administration.

Gensler gave a speech on Thursday at the Practicing Law Institute’s 56th Annual Institute on Securities Regulation.

The SEC Chair’s closing remarks resembled a resignation speech, which is significant because if Gensler were to leave the SEC, it would signal the end of the agency’s case against Ripple for allegedly selling unregistered securities.

“Before I close, I want to say something about the SEC and its staff. It’s a remarkable agency. The staff and Commission are deeply mission-driven, focused on protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation…

It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world…

I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance.”

Gary Gensler, SEC Chairman

Although President-elect Trump lacks the authority to fire Gensler, he can remove him as Chair. Gensler could continue as one of the five SEC commissioners, but he is more likely to leave and avoid the embarrassment.

Gensler’s remarks on Thursday gave that impression, and as a result, XRP price skyrocketed.

Despite the broader market cooling off as the ‘Trump Trade’ slows, XRP is beginning a bull run that aims for a price target of $5 before the year ends.

Currently trading at $1.12, the token is expected to smash its current all-time high (ATH) and head toward the new target, fueled by bullish regulatory news and the burning of 13 million XRP tokens this week.

XRP is primarily a liquidity token that financial institutions can use to settle cross-border payments. While Ripple has been adding new use cases, this remains XRP’s intrinsic value.

The US administration’s pro-crypto stance may drive XRP toward large-scale adoption for cross-border payments.

If Trump embraces crypto as expected, it will pave the way for XRP to become a global powerhouse in the payments sector.

However, Ripple Labs also recently introduced its own stablecoin, RLUSD, which will be used together with XRP.

In addition to institutional adoption, XRP may also see adoption at the state level to help usher in central bank digital currencies (CBDCs), thanks to a clear regulatory framework.

Due to its unique approach to institutional and potentially even state-level adoption, XRP should probably be in every investor’s portfolio. With increased regulatory clarity, XRP’s bull case is strengthening.

However, investors should remain prudent and not discount the importance of diversification, ensuring they have exposure to a range of digital assets.

These Altcoins Could Also be Ready to Explode

While XRP has been a frontrunner in crypto this month, it’s important to consider the sector that has provided the most gains in 2024: meme coins.

Here are three presale meme coins that could provide the best returns in 2024.

Pepe Unchained is giving the beloved Pepe meme coin its own blockchain. They’re building an Ethereum layer 2 network that is 100x faster and far cheaper than Ethereum.

The presale is ongoing and has raised a staggering $35 million so far, but the

The above is the detailed content of XRP Is Back Trading Above $1 After an Impressive 89% Pump This Week. For more information, please follow other related articles on the PHP Chinese website!