Ripple's XRP rose to $1.12, its highest level since November 2021, driven by rumors of a possible meeting between President-elect Donald Trump and Ripple CEO Brad Garlinghouse.
This 89% jump over the past week came amid a strong performance that saw XRP outperform many other cryptocurrencies.
Speculation about a Trump-Garlinghouse meeting escalated after the latter liked a social media post suggesting the meeting.
Although the meeting has not been officially confirmed, Garlinghouse's interaction with FOX Business added to the mystery, as he avoided answering directly when asked about the subject.
These developments come amid expectations that the Trump administration may introduce more supportive policies for cryptocurrencies.
At the same time, positive expectations increased after news that Gary Gensler, Chairman of the Securities and Exchange Commission, may resign before Trump assumes his presidential duties.
The news has sparked optimism among cryptocurrency investors, especially as Ripple faces a protracted legal battle with the SEC under Gensler.
Any change in leadership could lead to the settlement of pending lawsuits against Ripple and other companies like Coinbase and Binance.
Other assets were affected by the positive market sentiment, with Cardano (ADA) rising 14% to $0.75 in 24 hours.
The outlook for XRP and other cryptocurrencies looks brighter, especially if regulatory and political conditions improve in the near future.
