XRP surged past $1 for the first time since November 2021, fueled by rumors of a potential Trump-Ripple CEO, Garlinghouse meeting. The token saw an 89% weekly gain, outperforming Bitcoin and Ethereum with a 22% daily rise.
The XRP token of Ripple has reached its highest level since November 2021, surpassing $1, amid increasing rumors of a potential encounter between Ripple CEO Brad Garlinghouse and president-elect Donald Trump.
At the time of writing, XRP was trading at $1.09, an 89% increase from the previous week, according to data from CoinGecko. The increase in market capitalization propels XRP back into the top six crypto assets, surpassing Dogecoin.
XRP also outperformed the broader crypto market, exhibiting a 22% increase over the course of 24 hours, while Bitcoin and Ethereum demonstrated modest gains.
Did Ripple CEO meet with President Trump?
Following the CEO of Ripple liking a post by Zach Rector that referenced the meeting, rumors of Garlinghouse’s meeting with Trump began to circulate. Despite the fact that Garlinghouse did not explicitly corroborate the meeting, his participation in the post was perceived as an endorsement of the assertion.
Additionally, speculation is supported by Garlinghouse’s most recent interview with FOX Business.
Yesterday, when asked about the rumored meeting with Trump during an interview with FOX Business, Garlinghouse jokingly refrained from providing specifics, which prompted the anchor to construe his response as confirmation.
The rumors of the meeting are coming at a time when Trump is preparing to return to power. Crypto investors are optimistic that his administration will be more accommodating to crypto regulations, which could be advantageous for Ripple and XRP, as well as other industry businesses.
The potential resignation of the SEC Chair
After SEC Chair Gary Gensler suggested that he may resign from his position during a speech at the Annual Institute on Securities Regulation of the Practising Law Institute on Thursday, the price of XRP experienced a bullish surge.
Gensler is anticipated to resign following Thanksgiving and depart prior to Donald Trump’s inauguration in early January, as reported by Eleanor Terrett of FOX Business.
Crypto market participants have responded strongly to the potential for a change in leadership at the SEC, despite the fact that Gensler’s departure would not be unprecedented, particularly in light of historical precedents that have shown SEC chairs frequently resigning when a new administration assumes office.
This possibility is particularly significant for Ripple Labs, which has been embroiled in a protracted legal dispute with the regulatory body during Gensler’s tenure.
Dismissals or settlements in ongoing cases against crypto companies, such as Ripple Labs, Coinbase, and Binance, could potentially result from the appointment of a new SEC chair.
The regulatory outlook has also had an impact on other digital assets, as evidenced by the 14% increase in Cardano’s ADA token to $0.75 over the past 24 hours, according to CoinGecko.
