- Ripple’s XRP surged nearly 18% in value within 24 hours, reaching $0.72, driven by a 183% increase in daily trading volume.
- The asset’s market capitalization now exceeds $41 billion, marking its highest level since February 2024.
- Ripple CEO Brad Garlinghouse’s alleged meeting with President-elect Donald Trump could influence future cryptocurrency regulations, potentially benefiting XRP.
Ripple’s XRP is today’s biggest earner from the top 10 cryptocurrencies by market capitalization ranking.
The asset started out November 12 trading at around $0.61. In only a couple of hours, XRP climbed through the charts reaching the current value of $0.72 – marking a nearly 18% increase in value over the past 24 hours.
Buyers completely outperformed sellers on this day, as this huge bullish momentum was accompanied by a daily volume increase of 183%. Its market capitalization is now at over $41 billion.
Ripple’s recent growth propelled the asset to its highest level since February of this year. As of now, XRP is testing a key resistance level. Since July 2023 the asset had tested – and failed – to overcome the $0.73 resistance.
If XRP is able to overcome this historical price zone, the asset could have the potential to attempt the $1.00 mark.
Garlinghouse Alleged Meeting With Donald Trump
This unexpected growth appears to be yet another upward momentum helped by the “Trump effect” in crypto. Since winning the November 5th election against Kamala Harris, Bitcoin, and nearly all crypto assets reacted extremely favorably to the Republican victory.
Today, Ripple CEO Brad Garlinhouse became a key point of discussion after well-known crypto personality Zach Rector claimed that Garlinghouse met with the President-elect recently.
The close relationship between Ripple’s CEO and the upcoming U.S. President could have serious repercussions for the future of XRP. Arguably the digital currency that suffered the most at the hands of U.S. regulating bodies, this connection with a seemingly more pro-crypto government could lead to a transparent playing ground for cryptocurrency regulation in the future.
Garlinghouse’s first public comment following the election of Donald Trump was a request that the Republican should fire SEC Chair Gary Gensler on “day 1”. In truth, Trump himself is far from a Gensler fan – and the likelihood that the commission Chair remains untouched by 2025 is slim to none.
