With Donald Trump’s win in the 2024 US presidential election, speculation is mounting over possible crypto-friendly regulatory changes, especially surrounding the launch of an XRP ETF. Market observers predict that Trump may swiftly replace SEC Chair Gary Gensler, as he previously pledged to do during his campaign. This change could pave the way for a more favorable environment for cryptocurrency, with XRP ETF approvals at the forefront.
Key Market Reactions and Expert Predictions
Crypto market sentiment has soared, with XRP's price jumping nearly 5% amid renewed confidence in a Republican administration. Notably, leading crypto players, including 21Shares, Bitwise Invest, and Canary Capital, have already filed proposals for an XRP ETF with the SEC, fueling expectations of an imminent approval. Expert Luke Thomas recently commented on social media that BlackRock, the world’s largest asset manager, may soon enter the XRP ETF race, potentially bolstering XRP’s regulatory acceptance.
Ripple CEO Brad Garlinghouse has expressed hope that Trump’s administration will bring regulatory clarity, especially if Gensler is replaced by a pro-crypto advocate like Chris Giancarlo or Brian Brooks. Luke Thomas projects that regulatory developments in the next 3-9 months could also lead to Ripple launching a stablecoin, RLUSD, and further XRP adoption among institutional investors.
XRP Price Surge and Market Projections
XRP’s price rose to $0.5563 today, with trading volume increasing by 6% to $1.99 billion, and Futures Open Interest climbing by 8%. Analysts believe that if Gensler is ousted, XRP may see further price gains. Pro-XRP voices, such as lawyer Bill Morgan, maintain optimism, noting that despite recent price stagnation, XRP remains a top-10 crypto asset. Analysts anticipate a potential 30X rally, projecting XRP could soon target the $1.10 level before a major breakout.
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