After Trump's victory, market expectations for his previously promised cryptocurrency policies surged, driving the crypto market into a new round of growth. Furthermore, one of Trump's previous promises was to 'fire SEC Chairman Gary Gensler on the first day in office,' and this promise has recently been indirectly fulfilled, as Gary Gensler announced that he would resign on January 20th of next year.
In this regard, many crypto projects that have been entangled in lawsuits with the SEC have begun a wave of celebratory trends, with Ripple (XRP), which has been involved in litigation for many years, performing the most outstandingly. According to Coingecko data, since the U.S. election, XRP's price has surged from $0.55 to $1.80, an increase of 225%, with a 16.4% increase in the last 24 hours.
It is worth mentioning that due to XRP's sharp increase on the 29th, its market capitalization has now reached $101.9 billion, surpassing BNB's $94.6 billion market cap, making it the fourth largest cryptocurrency by market capitalization.
Is off-chain layout the secret weapon for skyrocketing?
Although SEC Chairman Gary Gensler's resignation could indeed stimulate related tokens to rise, XRP's increase has exceeded market expectations, which leads the author to speculate that Ripple's extensive off-chain cooperation with countries and enterprises has prompted a continuous rise in XRP.
According to Fox Business citing informed sources, the New York Department of Financial Services (NYDFS) has informed Ripple today (30th) that it will approve its new stablecoin product RLUSD, which is scheduled to launch on December 4th. If approval is obtained as expected, RLUSD will allow legal offerings to the public.
Ripple acquired Swiss digital asset custody company Metaco for $250 million at the end of May 2023 and completed the acquisition of New York digital asset custodian Standard Custody & Trust Company in June this year. According to a Ripple announcement, these two acquisitions highlight the importance and growing prevalence of digital assets, covering tokenized real-world assets (RWAs) ranging from stablecoins and central bank digital currencies (CBDCs) to stocks, bonds, commodities, and real estate.
Ripple announced the launch of a central bank digital currency (CBDC) platform for central banks and institutional users in mid-May 2023. According to a Businesswire press release, the Ripple CBDC platform aims to address multiple use cases, including private transactions, wholesale issuance of stablecoins, and more. At that time, the President of the Republic of Palau, Surangel Whipps Jr., who collaborated with Ripple, gave high praise to Ripple.
According to a Cointelegraph report in April this year, Japanese financial giant SBI Group will become the first Japanese company to use the XRP Ledger blockchain supply chain solution, which is part of Ripple's efforts to promote enterprise solutions in Japan. Additionally, according to Andy Dan, head of Haskey DX, the strong track record of XRPL in enterprise applications, settlement speed, low costs, and scalability are key indicators for building supply chain finance solutions.
The author believes that perhaps Ripple's prior excellent performance in international cooperation, along with the clarity brought by the SEC lawsuit, has led institutions to enter XRP in large numbers. As for the altcoin season, it may start from these high-market-cap old coins that have not been defeated after many years.
Binance's layout for meme coins has not achieved satisfactory results.
On the other hand, this round of bull market is unusually led by meme coins, prompting Binance to change its market strategy. From Binance's recent listing direction, it intends to list more meme coins, such as the previous listings of GOAT, ACT, PNUT, CHEEMS, WHY, etc. The BSC ecosystem also intends to create a prosperous meme coin environment, but both aspects have had some unsatisfactory results.
In terms of exchange listings, it can be observed from the listings of ACT and PNUT that the meme coin craze at that time was initiated by Binance, as small market cap tokens like ACT were able to be listed on Binance's spot market, further raising market expectations that other tokens with a higher market cap than ACT could also be listed on Binance's spot market. However, subsequent hot tokens were listed on Binance's contracts, and $BAN, $CHEEMS, $WHY fell sharply after being listed on contracts, resulting in difficulties for Binance's meme coin listing plans.
Regarding the BSC ecosystem, due to the aforementioned meme tokens $CHEEMS and $WHY originating from the BSC chain, there is growing concern in the market about the meme ecosystem on the BSC chain, coupled with the presence of many MEV bots (arbitrage) on the BSC chain that engage in arbitrage during user token purchases, resulting in a poor on-chain user purchasing experience. This situation has severely hindered the BSC chain's efforts to create a prosperous meme coin environment.
