Ripple’s chief executive officer, Brad Garlinghouse, has shared his views on XRP and its spectacular price performance in recent days.
Notably, the price of XRP has recently outperformed the rest of the crypto market as the crypto rally cools off. Data from CoinGecko shows XRP jumped from a low of $0.68 on Nov. 14, climbing past the $1 mark on Nov.16 for the first time since 2021.
Garlinghouse attributed XRP’s strong price action to the promising regulatory outlook in the United States under President-elect Donald Trump’s administration.
XRP Rocketing Higher As Regulatory Pressure Eases
In a recent interview with FOX Business, Ripple boss Brad Garlinghouse noted that Trump’s reelection has brought hope to the crypto sphere, specifically U.S.-headquartered firms, which have long been attacked by Gary Gensler’s SEC.
Garlinghouse posited that a pro-Bitcoin president is a boon for the crypto industry. He pointed out that some of the best-performing cryptocurrencies in the two weeks after Trump’s election have been XRP and ADA — which are tokens linked to American crypto firms.
“This shouldn’t be a surprise,” the Ripple chief posited. He further observed that the Securities and Exchange Commission (SEC) has adopted a hostile stance towards United States-based companies for years. According to him, pressure is now expected to end now that a pro-crypto leader is set to assume office.
NEW: @Ripple CEO @bgarlinghouse tells @LizClaman that since Election Day the best performing #crypto assets (besides $BTC) are all related to U.S. companies — $XRP, $SOL, $ADA. He says that shouldn’t be a surprise given the pressure now expected to be lifted from U.S. crypto…
— Eleanor Terrett (@EleanorTerrett) November 15, 2024
It’s worth mentioning that with the looming leadership change in United States politics, XRP traders are optimistic that the SEC may soon stop insisting in court that XRP is somewhat a security. Trump previously vowed to fire crypto’s gadfly SEC chairman Gary Gensler on day one.
Recently, 18 U.S. states, including Nebraska, Tennesse, Kentucky, West Virginia, Wyoming, Lowa, Texas, Mississippi, Montana, and Ohio, among others, have initiated a lawsuit against the SEC and Chair Gensler for “unconstitutional overreach” of the crypto market through an ongoing series of legal enforcement actions.
The lawsuit came on the heels of comments by Gensler suggesting he may be resigning soon. If Gensler is replaced with a crypto-friendly commissioner, the ongoing dispute between Ripple and the Commission could soon be a thing of the past. As such, XRP traders are convinced that spot ETF approval is inevitable.
XRP Price Seeks To Hit New All-Time Highs
Even months ago, it would have sounded like a dream. But it’s all real, and it’s all happening. And off the remarkable crypto market rally witnessed on the back of Trump’s win, XRP has entered a parabolic double-digit surge.
Popular crypto analyst Egrag Crypto thinks a crypto-friendly and clear regulatory backdrop could push the Ripple-affiliated crypto to a $11 price target — marking a 40x surge from its cycle low of 28 cents.
“In the last cycle, despite the SEC lawsuit, XRP pulled off an impressive 20X surge,” the analyst postulated in a recent X post, adding:
“Now, with unbeatable regulatory clarity, could we be looking at a 40X or even 50X boom?”
At the time of writing this, XRP was trading for $1.20 per coin, representing an impressive +34.2% change on the day.
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