- XRP reverses its downward trend after news about the Trump administration’s plans
- Ripple Labs’ altcoin sees a strong recovery, gaining 8.64% in 8 hours
- Trump’s expected pro-crypto executive orders could end “de-banking” practices
XRP has reversed the upbringings of a downward trend, following massive news involving the new white house. After hitting its 3-year-high of $2.60 on January 11—the altcoin tumbled by over 10% over the next 3 days, hitting as low as $2.33 on this Monday.
However, the altcoin was not alone on this bearish trend, as most of the market began the week on a down note. Bitcoin has dipped below the $90,000 level on this date, reaching its lowest value in over two months.
Around 12:00 PM ET, Ripple Labs’ altcoin saw a strong rebuttal by buyers, who managed to almost completely recover the losses seen during the previous days. Over the last 8 hours, $XRP went from $2.32 to the current $2.53—gaining 8.64% in value in that small timeframe.
Why XRP is Up Today
The reason for this sudden reversal came after the Washington Post published a piece detailing how the Trump administration is already working alongside crypto firm executives—alongside Silicon Valley billionaires— to create a clear and detailed framework to allow Web3 to thrive in America.
Just last week, we reported how the President-elect met with Ripple Labs CEO Brad Garlinghouse during a dinner at Mar-a-Lago. According to the Washington Post, the Republican has already met with several key personalities in the crypto industry, highlighting how close the sector will be to the digital assets realm.
According to the piece, Trump’s Crypto Czar appointee, David Sachs, is playing a pivotal role in getting the Web3 industry and the future Presidential administration together. The efforts from crypto executives and the transition team are promising to bear fruit as soon as day 1 of the Trump Presidency.
The Republican is expected to issue an executive order in the first week, aiming to remove regulatory obstacles and potentially end the practice of “de-banking” investors involved in digital assets.
Is XRP The Most Likely Candidate For Another Bull Run?
Interestingly, XRP is likely the currency to gain the most from clear and less strict regulation on cryptocurrency firms. During the 3-year-long legal battle with the SEC, the asset has become volatile and often deemed ‘undervalued’ due to the constant negative pressure from a potential lawsuit loss against the commission.
The crypto sector’s belief in Trump can be represented by how well XRP has traded since the Republican was announced as the next U.S. President. Since then, the altcoin has gained over 300% in value, boosted by optimism of a more “pro-crypto” President at the White House.
Donald Trump will be taking office on January 20th, a date that is already sparking debates surrounding what effect will it have on the market.
The information provided in this article is for informational and educational purposes only and does not constitute financial, investment, or trading advice. Any actions you take based on the information provided are solely at your own risk. We are not responsible for any financial losses, damages, or consequences resulting from your use of this content. Always conduct your own research and consult a qualified financial advisor before making any investment decisions. Read more
