The XRP token surged more than 8% in the past 24 hours to trade at $1.67, outperforming Bitcoin and other major altcoins. The leading cryptocurrency also stabilized above $96,000 after a pullback to $91,000 earlier this week.
Meanwhile, Ether (ETH), Solana’s SOL and BNB saw minimal movement, while Cardano’s ADA rose 3.5% and Dogecoin (DOGE) fell 1.2%. Alogrand (ALGO) and Worldcoin (WLD) rose more than 15% in the past 24 hours, according to Coingecko data.
XRP regains optimism
XRP has been witnessing a newfound optimism since Donald Trump won the US election. The departure of Gary Gensler, the SEC chairman who led the lawsuit against Ripple, has given the community hope. Under Trump’s presidency, the SEC will be led by a more crypto-friendly chairman and the lawsuit against Ripple may finally come to an end.
WisdomTree, a global asset manager with over $113 billion in assets under management (AUM), registered its XRP ETF in Delaware on Monday. Following the registration, the asset manager is expected to file an S-1 with the U.S. Securities and Exchange Commission, which will drive XRP prices higher this week.
As reported earlier, Ripple announced a partnership with British digital asset exchange Archax and asset management company Abrdn plc to launch a tokenized money market fund on the XRP Ledger.
Bitcoin's $100,000 rally stalls as traders lock in profits
Bitcoin saw some profit-taking last week after failing to break through the much-anticipated $100,000 mark. However, losses were capped by optimism from Trump regarding key regulatory appointments, suggesting that Trump’s policies could be more industry-friendly.
According to previous reports, Trump may transfer the regulatory power of cryptocurrencies from the U.S. Securities and Exchange Commission to the Commodity Futures Trading Commission. Trump also announced the nomination of Scott Bessent, a hedge fund executive who supports cryptocurrencies, as Treasury Secretary.