Ripple CEO Brad Garlinghouse explains why XRP is on the rise
XRP hits two-year high at $0.9193 on bullish momentum and institutional interest
Ripple CEO Brad Garlinghouse attributed the recent 70% surge in XRP’s value to growing optimism surrounding regulatory clarity in the U.S.
In a FOX Business interview, Garlinghouse hailed President-elect Donald Trump as a “crypto president,” commending his openness to blockchain innovation and his pro-crypto stance. Garlinghouse emphasized the transformative post-election environment, which he said has relieved U.S.-linked cryptocurrencies like XRP, Solana (SOL), and Cardano (ADA) from regulatory constraints imposed by the SEC, reports CoinGape.
“The crypto industry has embraced Trump, and Trump has embraced the crypto industry,” Garlinghouse remarked. “I think he sees the opportunity, he sees innovation, he sees entrepreneurship, and I’m very excited about what the future holds.”
XRP Price Rally Driven by Optimism and Market Developments
XRP’s price reached a two-year high of $0.9193, marking a significant rebound fueled by reduced regulatory pressures and market optimism. Key events like Robinhood’s relisting of XRP have contributed to the token’s momentum. Analysts highlight a breakout from a symmetrical triangle pattern, signaling bullish momentum with a critical resistance level at $1.00. If this barrier is breached, XRP is projected to reach $1.5, supported by increasing institutional interest and market activity.
Whale activity has played a notable role in XRP’s rally, with a single transaction involving 60 million XRP worth $52.8 million driving speculation about large-scale institutional investments. The derivatives market has also seen a sharp uptick, with open interest rising 13% to $1.5 billion, reflecting growing confidence in XRP’s future performance.
Institutional Interest and Ripple’s Regulatory Battle
Trading volume for XRP surged 25% in the past 24 hours, reaching $11.7 billion, as institutional interest continues to grow. Garlinghouse expressed optimism about the shifting regulatory landscape, citing a lawsuit filed by 18 state attorneys general accusing the SEC of overreach in its crypto regulation. He welcomed the legal challenges, believing they signify a step toward a more balanced regulatory framework.
At press time, XRP is trading at $0.89, with a market cap of $50.8 billion. Garlinghouse remains bullish about XRP’s prospects, emphasizing the role of a more favorable U.S. regulatory environment in unlocking the potential of U.S.-linked crypto assets. As optimism grows, XRP is poised for further gains, driven by supportive policies and market sentiment.
Recently we wrote, that on November 15th, in the morning European time, XRP surged to $0.83 — its highest level since July 2023.
