- XRP rallies to new highs, driven by increased trading activity and market optimism.
- Speculation grows as Ripple’s CEO reportedly engages with Trump’s team on regulations.
- Ripple’s network expansion, including stablecoin plans, boosts adoption and market confidence.
XRP is on the rise and outperforming several other cryptocurrencies. According to CoinMarketCap, the token’s growth has sparked renewed interest among traders. The broader crypto market has also seen an increase, with the combined market capitalization exceeding $3 trillion for the first time since 2021.
XRP Exceeds Expectations with a Price Breakout
The token’s price has remained stable, hovering around $0.53. On November 8, XRP began an upward climb, peaking at $0.741. This marked the highest price level XRP has achieved in the last eight months.
The sudden surge has been accompanied by increased trading volumes, with data from CoinMarketCap showing a 24-hour trading volume spike of 167.33%, reaching $11.84 billion.
Ripple’s Legal Developments and Regulatory Speculation
XRP’s rally has fueled speculation within the crypto community about potential regulatory shifts. Following Donald Trump’s election win, unconfirmed reports suggest that Ripple CEO Brad Garlinghouse might be in discussions with the Trump administration.
These rumors gained traction after financial commentator Zach Rector claimed that Garlinghouse liked a tweet referencing regulatory talks. However, no official statement has been released.
Moreover, DonAlt, a crypto analyst, has added to this sentiment, noting that XRP’s breakout could signal the onset of an altcoin rally, echoing previous bull cycles. However, some remain cautious, pointing out how similar movements in the past were short-lived.
Read also: Ripple’s XRP Legal Battle: SEC Appeal, Global Regulation, and Trump’s Impact
The crypto market appears to be reacting to hopes that a Trump-led administration could replace current SEC Chair Gary Gensler with a more crypto-friendly regulator, potentially easing the regulatory pressure on Ripple.
In addition to legal speculations, Ripple’s network expansion is also seen as a cause for XRP’s price surge. Developers have hinted at plans to launch a dirham-backed stablecoin, which would follow the release of Ripple’s RLUSD stablecoin backed by the U.S. dollar.
Market data from CoinCarp indicates that XRP’s holder base has grown to over 4.8 million, suggesting increasing adoption.
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