The bull rally that was induced and propelled by Donald Trumpās victory in the 24 US presidential elections last week seemed to have missed Rippleās native token, at least until earlier today.
XRP managed to chart some gains in the past week, but it was nothing compared to the massive price surges seen from the likes of Bitcoin, Cardano, Dogecoin, Shiba Inu, and many others.
XRPUSD. Source: TradingView
The landscape for XRP, which lost some positioning to DOGE in the top 10 digital assets by market cap earlier this week, changed today, with a substantial rise that drove it from under $0.6 to $0.741 (on Bitstamp). This was the highest price the cryptocurrency has seen in precisely eight months.
The crypto community rejoiced at the rally, many of whom had been expecting it, and started posting celebratory tweets with even more impressive predictions.
The reasons behind this surge could be multi-fold. On the one hand, XRP might just be late to the Trump-initiated party and is joining the bandwagon a week late. That seems like a simple enough explanation since thereās no evident announcement by the company behind it.
However, it could also be attributed to somewhat speculative rumors circling X. A popular author covering financial markets recently posted that Rippleās CEO, Brad Garlinghouse, had followed the footsteps of Cardanoās Charles Hoskinson and actually met with Trump or someone from his upcoming administration to discuss a potential regulatory framework around cryptocurrencies.
Although there has been no official statement from Garlinghouse, the author ā Zach Rector ā posted a tweet indicating that Rippleās chief exec had liked his initial publication, which he believes is enough confirmation.
The post Why Did Rippleās (XRP) Price Explode to 8-Month Peak Above $0.7? appeared first on CryptoPotato.
XRP managed to chart some gains in the past week, but it was nothing compared to the massive price surges seen from the likes of Bitcoin, Cardano, Dogecoin, Shiba Inu, and many others.
XRPUSD. Source: TradingView
The landscape for XRP, which lost some positioning to DOGE in the top 10 digital assets by market cap earlier this week, changed today, with a substantial rise that drove it from under $0.6 to $0.741 (on Bitstamp). This was the highest price the cryptocurrency has seen in precisely eight months.
The crypto community rejoiced at the rally, many of whom had been expecting it, and started posting celebratory tweets with even more impressive predictions.
XRP BREAKOUT ALERT
Launch Pad is being Preparedā¦ ā
$XRP is attempting a breakout above $0.65 which will trigger a rally to $0.90, the level that starts the bull..
Patience Pays āpic.twitter.com/xQCQWQaFPe
ā CRYPTOWZRD (@cryptoWZRD_) November 12, 2024
The reasons behind this surge could be multi-fold. On the one hand, XRP might just be late to the Trump-initiated party and is joining the bandwagon a week late. That seems like a simple enough explanation since thereās no evident announcement by the company behind it.
However, it could also be attributed to somewhat speculative rumors circling X. A popular author covering financial markets recently posted that Rippleās CEO, Brad Garlinghouse, had followed the footsteps of Cardanoās Charles Hoskinson and actually met with Trump or someone from his upcoming administration to discuss a potential regulatory framework around cryptocurrencies.
Although there has been no official statement from Garlinghouse, the author ā Zach Rector ā posted a tweet indicating that Rippleās chief exec had liked his initial publication, which he believes is enough confirmation.
The post Why Did Rippleās (XRP) Price Explode to 8-Month Peak Above $0.7? appeared first on CryptoPotato.
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