XRP price soars 10% amid speculation over Garlinghouse-Trump meeting
Xrp price skyrockets by 10% amid speculation over Ripple-Trump meeting
While major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) saw declines, Ripple’s XRP defied the market trend, recording a breakout rally on Wednesday. XRP’s price surged 10% in the last 24 hours, driven by growing speculation around Ripple’s ongoing legal battle with the SEC.
The overall crypto market experienced a 4% drop in trading volume, with a cumulative $309 billion traded over the last day, reports Cryptopolitan.
Ripple-Trump Meeting Fuels Hopes for XRP and Regulatory Clarity
Market analyst Zach Rector reported a meeting between Ripple’s leadership and President-elect Donald Trump, speculating that the discussions might cover future crypto regulations. Ripple CEO Brad Garlinghouse subtly confirmed the meeting by liking Rector’s post on X, adding fuel to investor excitement. This rumored dialogue has intensified speculation that the SEC might consider dropping its appeal in the Ripple case, a move that could set a pivotal precedent for XRP and the broader crypto landscape.
In the July 2023 ruling on the Ripple case, Judge Analisa Torres ruled that XRP’s programmatic sales did not meet the Howey Test’s criteria for securities, sparking an initial rally. However, the price later dropped below $0.40 when the SEC signaled its intent to appeal. Now, with renewed optimism, XRP’s price surged 24% over the past week, hitting an average of $0.662, while its 24-hour trading volume saw a dramatic 120% spike to $11.6 billion. Despite XRP’s strong performance, Dogecoin (DOGE) recently overtook it as the 6th largest cryptocurrency, posting a 94% surge over the past week.
Potential for New Highs Amid Community Optimism
According to on-chain data provider Santiment, XRP-related discussions account for over 4% of crypto market chatter, reflecting the community’s growing excitement. Santiment suggested that surpassing XRP’s 2023 high of $0.74 is possible, but this depends on whether FOMO (fear of missing out) remains controlled and funding rates on exchanges like Binance don’t overextend. With XRP’s price momentum and the potential regulatory developments, the crypto market is closely watching the SEC’s next move and its possible impact on Ripple’s standing and future.
Recentrly we wrote, that Ripple’s Chief Technology Officer, David Schwartz, has weighed in on the latest development in the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
