Despite trailing behind major altcoins during the post-election bull run, XRP price is finally gaining momentum, crossing the $0.72 mark, a level unseen since July 2023. In the last 24 hours, Ripple’s token added 18%, joining the likes of BONK, XLM, DOGE, AKT, NEIRO, and FLOKI, today’s top gainers.
At the time of writing, XRP's market cap stands at nearly $41 billion, narrowly leading USDC’s $36.5 billion. According to CoinMarketCap, this makes the altcoin the seventh-largest cryptocurrency.
Earlier this week, Twitter/X analyst @MilkybullCrypto posted about the strong rally incoming for XRP, targeting the $2 mark by the end of 2024. The analyst expressed confidence in XRP following the DOGE trajectory, leading to a “massive surge.”
A similar sentiment was echoed by @Cryptoinsightuk, who believes that XRP can post similar gains to DOGE and ADA, suggesting that a break through the $0.66 resistance could send the price to $1, potentially hitting the next resistance at $1.28
Another well-known XRP bull @DefendDark made an even bolder forecast, calling for the XRP price to reach $5.85 after targeting $1.03 and $1.88 levels. According to the analyst, the destruction of multi-year resistance bodes exceptionally well for the altcoin.
Such strong bullish momentum for XRP could have been boosted by persistent rumors that Ripple’s CEO Brad Garlinghouse had met with President-elect Donald Trump, presumably to discuss crypto regulation.
It’s worth noting that the speculation is not without any substance. Crypto YouTuber Zach Rector was the first to hint at Garlinghouse’s meeting with Trump, poking a subtle jab at Cardano’s Charles Hoskinson.
“Ripple actually met with Trump. Charles is talking about it. Big difference…” he tweeted, alluding to the Cardano founder’s recent declaration to work with Trump’s administration on shaping future crypto policy. During the live stream, Hoskinson shared with the Cardano community that “it’s very clear that I’m going to be involved in some capacity influencing policy in the United States.”
For now, there has been no official confirmation from Trump’s team about Hoskinson’s involvement. From what is known, it’s just Cardano opening a DC office to lobby for crypto. However, Trump promised that he would listen to the representatives of the industry to shape the future legislative framework affecting it.
The post from Zach Rector about Ripple’s meeting with Trump did not go unnoticed by Brad Garlinghouse himself. Ripple CEO apparently liked the tweet, as seen on the screenshot shared by Rector. The XRP community interpreted the like as a confirmation that the meeting indeed took place.
Gary Gensler’s shadow still has Ripple in a chokehold
One of the reasons behind XRP’s relatively modest weekly gains as compared to other altcoins is the still-looming threat of another unfortunate turn for Ripple in its neverending legal tussle with the SEC. The case dates back to 2020, with the most recent development being the regulator appealing Judge Torres’ 2023 verdict in favor of Ripple.
Donald Trump, who will officially return to the White House on January 20 on Inauguration Day, made plenty of bold promises to the crypto community during his election campaign, one of them being his promise to fire Gary Gensler, the current SEC Chair. The official has long been crypto’s enemy number one, as his tenure was marked by countless lawsuits against crypto businesses in the absence of a clear regulatory framework for digital assets. Many hope that this is about to change soon under Trump, who will hopefully appoint a more crypto-friendly SEC chief.
Earlier this month, a Fox Business reporter Eleanor Terrett shared on Twitter/X that her unnamed source close to Trump’s inner circle promised that the new SEC Chair will be someone pro-crypto, igniting the hopes of XRP bulls and the broader crypto community.
The US attorney Jeremy Hogan believes that the new SEC leader appointed by Trump will likely dismiss all non-fraud crypto lawsuits against Coinbase and other US crypto companies. The recommendations to drop cases brought by the litigation team are expected to be promptly approved by the SEC Commissioners, 3 of whom will be Republicans.
At the same time, Hogan predicts that Ripple’s case will be settled for $125 million, the amount ruled by Judge Torres in August 2023, since it would be “awkward” to settle for less than was already ordered by the court. The attorney warned that it would take some time to set the whole system in motion, so any significant legal developments are to be expected before summer and not in January.
Whatever the outcome may be for Ripple, the resolution of its legal dispute with the SEC will undoubtedly open new horizons for the company’s growth. It will likely also clear the path towards XRP ETF and may prompt Ripple to revisit the IPO option.
