Ripple’s XRP cryptocurrency has surged nearly 30% in the past five days, reaching £2.67 ($3.25) per token on January 17. The rally broke key resistance levels, briefly peaking at an all-time high of £2.76 ($3.36). This surge follows reports of the Trump administration’s potential “America-first strategic reserve,” which would prioritize cryptocurrencies like XRP, Solana, and the USDC stablecoin for cross-border payments.
A leak reported by the New York Post revealed that President-elect Donald Trump is exploring the idea after meetings with Ripple CEO Brad Garlinghouse and Coinbase CEO Brian Armstrong. Ripple’s stablecoin RLUSD, recently approved by U.S. authorities, has further fueled optimism, surpassing daily transaction volumes of £82.02 million ($100 million).
Trump’s Crypto Vision Drives Market Buzz
Trump’s proposed reserve strategy positions XRP as a centerpiece for facilitating global transactions. Analysts believe this move could propel XRP prices to more than £8.2 ($10) by 2025. “XRP’s steady accumulation has laid the groundwork for this bullish momentum,” said B2BInPay CEO Arthur Azizov, predicting sustained growth under Trump’s crypto-friendly policies.
The report also highlights Trump’s plan to appoint pro-crypto officials, such as Paul Atkins as SEC chair and David Sacks as AI and crypto czar. Industry experts see these appointments as pivotal in resolving Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC), which has hindered its growth for years.
ETF Approval Speculation Spurs XRP Rally
Investor enthusiasm has been buoyed by speculation that Ripple could be the SEC’s next pick for a spot exchange-traded fund (ETF). A Bloomberg report indicated Trump’s administration might prioritize Ripple for such an approval, citing the company’s significant campaign contributions during the election cycle.
Monica Long, Ripple’s president, voiced optimism about a swift ETF approval under Trump’s leadership, projecting the fund could attract up to £6.88 billion ($8.4 billion) within a year. Such a move would further validate XRP’s market position and bolster investor confidence.
Macro Trends Bolster Crypto Market
Beyond regulatory developments, macroeconomic factors are also at play. U.S. inflation data showed core inflation for December at 3.2%, slightly lower than the expected 3.3%. This news triggered a broader crypto market rally, with Bitcoin leading the charge and XRP riding the wave.
Looking Ahead
As XRP continues its meteoric rise, Ripple’s potential ETF approval and Trump’s crypto policies could shape its trajectory further. However, market participants should remain cautious, as the volatile nature of cryptocurrencies demands prudent investment strategies.
Disclaimer
This content is for informational purposes only and not investment advice. Always conduct thorough research or consult professionals before investing. Market investments carry inherent risks.
Ripple’s position in Trump’s crypto agenda has reignited hope among XRP investors, signaling a transformative era for the cryptocurrency market.
Jaja has a degree in journalism and took classes in international law and business communication. Her career spans roles at prominent international media outlets, including International Business Times, Celebeat and Delightful Philippines. As a news editor, Jaja covered a wide range of beats, including legal, business, economy, cryptocurrency, personal finance, gaming, technology, and entertainment.