In short, XRP is rising on news of Trump's victory, expectations of eased regulatory pressure, and news of the potential launch of Ripple's stablecoin. Now let's take a closer look at everything in order.
One of the main reasons for the positive dynamics of the coin was the upcoming resignation of SEC Chairman Gary Gensler. Ripple faced regulatory pressure during the period when the Commission was led by another commissioner, Jay Clayton. Many participants in the crypto community hoped that with Gensler's appointment, the SEC would drop the charges against Ripple, but this did not happen. Under the new commissioner, the Commission launched the largest crackdown on the crypto market since 2008. Therefore, Gensler's impending dismissal, which may ease regulatory pressure, has become good news for XRP investors.
It is worth reminding that the resignation of the SEC chairman was one of the promises made by the victorious U.S. presidential candidate Donald Trump. As part of his campaign, the politician shared a plan to support the crypto community. This includes many initiatives, including the formation of a Bitcoin reserve in the U.S. Therefore, the crypto market, including XRP, began to grow on news of the politician's victory.
At the same time, news emerged that the SEC may lose some of its powers related to regulating the crypto industry. Control over the market may shift to the more crypto-friendly Commodity Futures Trading Commission (CFTC). The regulator's team, unlike the SEC, does not see signs of illegally issued securities in almost all coins.
There is another factor driving the growth of the Ripple cryptocurrency. FOX Business reports that the New York regulator is preparing to approve the stablecoin of the crypto project, RLUSD. According to media reports, the token launch could take place on December 4. As part of the project, Ripple will compete with giants like Tether and USDC for a place in the stablecoin market. The company will be aided in bringing the token to market by partners like Bitstamp, Moonpay, and Uphold.$SHIB $NOT
