XRP Surpasses $1 Mark Amid Speculation of Meeting with Trump
The price of XRP has exceeded $1, reaching a peak of $1.23 on November 17, marking its highest point since December 2021. This increase raised the cryptocurrency's market capitalization by $20 billion to approximately $64 billion. The price surge has sparked extensive discussions within the cryptocurrency community.
Rumors of a Meeting with Trump
Speculation regarding XRP's rise is linked to unverified reports that Ripple CEO Brad Garlinghouse met with President-elect Donald Trump. Neither party has confirmed or denied the meeting, but the rumors have generated significant discourse in the sector.
Brad Garlinghouse is shilling XRP and CBDC implementations. I am shilling American dynamism, and smart appointments that will solidify Trump’s legacy. We are not the same. https://t.co/AwpR8FBJgU
— Ryan Selkis (d/acc)
(@twobitidiot) November 16, 2024
Critics, including former Messari CEO Ryan Selkis, have expressed concerns about Ripple potentially influencing U.S. policy, particularly regarding Bitcoin. Pierre Rochard from Riot Platforms has also voiced skepticism about Ripple's anti-Bitcoin stance and its implications for future crypto regulation.
We can’t let Ripple co-opt the United States policymaking process with their anti-bitcoin agenda.
Hopefully Trump will staff his Administration with more bitcoiners! https://t.co/TiXxAMRF7h
— Pierre Rochard (@BitcoinPierre) November 16, 2024
Garlinghouse has suggested that a Trump administration could positively influence the cryptocurrency industry, viewing it as a source of innovation. His comments on Fox Business concerning SEC Chairman Gary Gensler reflect regulatory challenges facing Ripple and suggest potential improvements under different government leadership.
Whale Activity and Bullish Sentiment
The rise in XRP's price is supported by substantial market activity. Reports indicate significant whale transactions, with over $316 million transferred within two days, suggesting positive sentiment among large holders. The Relative Strength Index indicates XRP may be nearing an overbought condition, yet optimism remains high for continued upward movement.
Institutional Interest and ETF Prospects
Expectations are growing for an XRP exchange-traded fund (ETF), alongside increasing institutional interest in Ripple's token. These factors could further support XRP's ongoing growth.
XRP is currently trading at $1.16, ranking as the best-performing cryptocurrency among the top 10 by market capitalization. Investor attention remains focused on its future performance, regardless of the accuracy of the Trump meeting rumors.
Featured image from Techreport, chart from TradingView