XRP Surges Past $3: Is Trump's Crypto Strategy Driving the Rally?

XRP Hits New Heights

XRP, the third-largest cryptocurrency, has made headlines by breaking the $3 mark for the first time since 2018, surging 10% in just 24 hours. This price movement brings XRP closer to its all-time high, which is a topic of much speculation and excitement among investors.

The Trump Factor

The recent rally is largely attributed to anticipation surrounding the Trump administration. Patrick Liou, principal of institutional sales at Gemini, noted that investors are optimistic about a crypto-friendly regulatory framework that could emerge under Trump's leadership. Liou stated, “The latest catalyst... is there’s now talk that the Trump administration may be open to a reserve backed by crypto companies that have tokens in the U.S.”

Speculation on Strategic Reserves

Reports suggest that Trump may consider an “America-first strategic reserve” prioritizing U.S.-based digital coins like Solana, USD Coin, and Ripple. Such a move would not only legitimize XRP as a store of value but could also significantly boost its price. However, these claims are based on anonymous sources and remain unverified.

Other Influencing Factors

Liou also mentioned that speculation about the approval of XRP exchange-traded funds (ETFs) by the SEC is fueling investor interest. Additionally, there is hope for the potential dismissal of SEC lawsuits against Ripple and XRP under the new administration.

Ripple’s Influence

Ripple CEO Brad Garlinghouse has reportedly met with Trump, which may provide the company with a direct line of communication to the upcoming administration. This connection has further ignited interest in XRP, which reached around $3.35 post the $3 milestone.

All-Time High Confusion

In the world of cryptocurrencies, determining an exact all-time high can be tricky due to varying prices across different exchanges. For instance, Binance lists XRP’s all-time high at $3.84, while CoinGecko cites it as $3.40.