Trump’s Pro-Crypto Speech Fails to Rally XRP as SEC Pressure Intensifies

• Donald Trump’s pro-crypto speech at Bitcoin 2024 failed to boost XRP’s price.
• Trump vowed to fire SEC Chair Gary Gensler on his first day in office.
• The ongoing SEC vs. Ripple case continues to weigh on XRP’s performance.

Despite a pro-crypto speech by U.S. Republican Party front-runner Donald Trump at Bitcoin 2024 on Saturday, XRP failed to capitalize on the momentum, declining by 2% to end the session at around $0.59. The broader market also turned red, with the total market cap falling 0.14% to $2.3 trillion.

Trump’s speech, which promised to end the Democrats’ “anti-crypto crusade” and vowed to fire SEC Chair Gary Gensler on his first day in office, was seen as a boon for the crypto market. However, uncertainty surrounding the outcome of the U.S. Presidential Election race limited the impact of Trump’s promises on XRP.

Meanwhile, the ongoing SEC vs. Ripple case continues to weigh heavily on XRP’s performance. Hopes of a settlement faded on Saturday. Initially, speculation surrounding a closed meeting between the SEC and Ripple on Thursday sent XRP to a three-month high of $0.6378, but the asset has since dropped below the $0.60 threshold.

The SEC and Ripple have remained tight-lipped about the meeting, leaving investors in the dark about the possibility of a settlement. If a settlement is not reached, the courts will decide the penalty Ripple must pay for breaching U.S. securities laws. Judge Analisa Torres is currently deliberating on the case and could deliver her verdict at any time.

However, if a settlement is reached, XRP could potentially retake the $1.00 handle. In July 2023, XRP surged from $0.4696 to $0.9327 following a favorable ruling on Programmatic Sales of XRP. For now, investors will have to wait and see how the SEC vs. Ripple case unfolds.