Ripple CEO Brad Garlinghouse attributed XRP’s 70% post-election rally to optimism about pro-crypto policies, regulatory clarity, and other positive market trends.
Ripple CEO Brad Garlinhouse’s recent comments on XRP’s rally have fueled optimism. He attributed the rally to growing optimism about the regulatory path for cryptocurrencies in the U.S. Garlinghouse told FOX that U.S.-issued cryptocurrencies, such as Solana and Cardano, have seen significant growth following the U.S. election.
So, let’s explore what Garlinghouse believes are the potential reasons for XRP’s recent rally.
Ripple CEO praises Trump as 'crypto president' as XRP surges 70%
Ripple CEO Brad Garlinghouse called the post-election environment transformative for the cryptocurrency industry and attributed XRP's 70% rise in value to pro-crypto policies. The CEO called President-elect Donald Trump the "crypto president," praising his openness to blockchain innovation and entrepreneurship.
Brad commented,
“The crypto industry has embraced Trump, and Trump has embraced the crypto industry. I think it’s very sincere, and I think he sees the opportunity, he sees the innovation, he sees the entrepreneurial spirit, and I’m very excited about the future.”
Garlinghouse highlighted that crypto assets pegged to the United States, such as XRP, SOL, and ADA, outperformed other tokens as regulatory pressure is expected to ease. He attributed the rise to the reduction of restrictions from the U.S. Securities and Exchange Commission (SEC), whose actions have curbed growth. Ripple CEO said,
“The SEC has been manipulating and pressuring these American companies, American technologies, and now that pressure is gone, their prices are skyrocketing.”
XRP Price Rises Amid Bullish Sentiment
XRP price has reached a two-year high of $0.96, boosted by market optimism and key developments such as Robinhood’s relisting of the token. Analysts believe that the surge coincides with a breakout from a symmetrical triangle pattern, indicating strong bullish momentum.
The enthusiasm of institutional investors and the increase in trading activities have also boosted the market sentiment. XRP is currently approaching the key resistance level of $1.00, and analysts predict that if it breaks through this resistance level, XRP will rise further. The prediction shows that the XRP price may be $1.5.
Whale activity and institutional interest drive derivatives markets
Additionally, XRP derivatives market activity surged, with open interest rising 13% to $1.5 billion. The increase was attributed to increased whale activity, including a transaction involving 60 million XRP worth $52.8 million. Such movements often indicate institutional trading or large-scale investment strategies.
Additionally, trading volumes have also increased significantly, rising 25% to $11.7 billion in the past 24 hours. These indicators highlight growing speculative interest and optimism about XRP’s future performance in a more favorable regulatory environment.
More importantly, the Ripple CEO expressed enthusiasm for the changing regulatory landscape, citing ongoing lawsuits and challenges. He welcomed the involvement of 18 state attorneys general who filed a lawsuit alleging that the SEC overstepped its authority in regulating cryptocurrencies.
At press time, XRP is trading at $0.89, up 14% over the past 24 hours. Trading volume has surged to $11.65 billion, with a market cap of $50.8 billion.
