XRP Surges: 95% Gain in Just One Week

- Ripple Labs’ XRP: Current Price (18th), Up 33% Since November 15, Soaring 95% in 7 Days - Rumors of meeting between Ripple CEO Brad Garlinghouse and President-elect Trump cited as cause [Unblock Media] Ripple’s native currency, XRP, has surged over 33% from November 15 to today, the 18th, and more than 95% in the past week. This appears to be due to expectations of a more favorable regulatory environment in the United States. Rumors that Ripple Labs and CEO Brad Garlinghouse recently met with President-elect Donald Trump have been circulating on social media, drawing criticism from industry executives. Regarding these rumors, former Mesari CEO and founder Ryan Selkis mentioned that "Brad Garlinghouse is promoting XRP and Central Bank Digital Currency (CBDC)." CBDC is a digital currency issued by central banks and is expected to play a crucial role in cross-border remittances and digital transactions. The cooperation and expanded use of XRP and CBDC are closely linked to Ripple's business expansion. Regulatory easing indicates that the application of such technologies might become easier. This comment was reposted by Pierre Rochard, Vice President of Research at Riot Platforms. Rochard agreed with Selkis, stating that "Ripple should not dominate U.S. policy decisions through anti-Bitcoin claims," adding that he hopes President-elect Trump will appoint more Bitcoin supporters to his administration. The rumored meeting between Ripple's CEO and Trump is considered one of the key reasons for the recent surge of XRP. The rumor led to XRP, the native currency of Ripple, soaring by double-digit percentages. During a recent appearance on Fox Business, Brad Garlinghouse neither confirmed nor denied the rumors of his meeting with Trump. However, the CEO expressed confidence in the future of the cryptocurrency industry under the Trump administration. He mentioned, "The cryptocurrency industry has embraced Trump, and Trump has embraced the cryptocurrency industry. I believe Trump sees opportunities, innovation, and entrepreneurship. So, I'm very optimistic about the future." Garlinghouse also explained that the positive response of the cryptocurrency market following Trump's victory on November 5 was mainly due to the hostile stance of SEC Chair Gary Gensler, which had suppressed U.S.-based cryptocurrency projects. Gensler’s tightening regulations had hindered the growth of the cryptocurrency industry in the U.S., forcing many projects to relocate to other countries. President-elect Trump promised to fire Gary Gensler on his first day in office, garnering widespread support from the cryptocurrency industry and investors. Following Trump's reelection, 18 U.S. states, including Nebraska, Tennessee, Wyoming, Kentucky, West Virginia, Iowa, Texas, Mississippi, Ohio, and Montana, filed lawsuits against Gensler. These lawsuits alleged that Gensler had violated states' rights through "tremendous government overreach" on the cryptocurrency industry. The lawsuits may be interpreted as efforts by state governments to curb excessive federal regulations and maintain their sovereignty. Overall, the surge in XRP can be attributed to hopes of changed regulatory environments and the rumored relationship between Ripple's CEO and political figures. This could significantly impact various legal and regulatory aspects of the future cryptocurrency market. Following the surge, XRP saw a roughly 10% decline on November 16 due to some investors taking profits after the previous day's surge, entering a correction phase. On November 17, the market appeared to stabilize with XRP prices seeing a slight rise or remaining steady. XRP is currently priced at $1.15, marking a 95% increase over the past week.