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Ripple’s XRP Surges 188% After Trump’s Victory, CEO Garlinghouse Optimistic

Ripple’s XRP Surges 188% After Trump’s Victory, CEO Garlinghouse Optimistic
23 Nov 2024

Ripple Labs is poised for a significant transformation as Donald […]

Ripple Labs is poised for a significant transformation as Donald Trump assumes the presidency, potentially reshaping the landscape of U.S. cryptocurrency regulation. The company’s CEO, Brad Garlinghouse, shared his optimistic outlook in a recent interview, highlighting how the new administration could alleviate longstanding challenges Ripple has faced under the Biden era.

XRP Price 23 November

XRP has made massive gains since Trump’s election win. Source: Brave New Coin XRP Liquid Index.

During the Democratic administration, Ripple contended with intense legal battles, particularly against the U.S. Securities and Exchange Commission (SEC). These regulatory hurdles stifled the company’s growth, limiting its potential within the United States. However, the political shift has sparked a remarkable change. Since Trump’s victory, Ripple’s native token, XRP, has experienced a meteoric rise from $0.5031 to $1.449—an impressive increase of nearly 188.15% in just under two weeks, according to Brave New Coin’s XRP Liquid Index.

Garlinghouse emphasized the urgent need for government intervention to modernize the current cross-border payment systems. He envisions the XRP platform as a viable alternative, offering faster and more cost-effective transactions compared to the existing “slow and expensive” frameworks. This strategic pivot could position Ripple at the forefront of financial innovation in the U.S. and beyond.

Ripple CEO Urges Clear Crypto Regulations

Ripple’s CEO acknowledged the legal conflict with the SEC has severely restricted the company’s growth. About 95% of Ripple’s customers are based outside the United States, and Garlinghouse doubts the U.S. market can be regained without definitive regulatory guidelines. He highlighted Japan, the United Kingdom, and Switzerland as nations with more favorable crypto laws, contributing to notable growth in their crypto industries.

Trump’s campaign positioned him as an advocate for cryptocurrency, pledging to reform the regulatory landscape. Many in the crypto sector, including Garlinghouse, believe Trump could provide the clarity needed for effective regulation. Such clarity is considered crucial for the U.S. to reclaim its status as a leader in the global cryptocurrency market.

Beyond regulatory updates, Garlinghouse criticized current regulators, including the SEC and the Commodity Futures Trading Commission (CFTC), for lacking a deep understanding of the crypto industry’s distinct nature. He urged these agencies to shift towards a more constructive stance, encouraging innovation instead of hindering it. This change could establish a more conducive environment for Ripple and other crypto companies to flourish.

Crypto Leadership, Controversy, and Hope for the U.S.

Garlinghouse also referenced a private meeting between Trump and Coinbase CEO Brian Armstrong, where they discussed strategies to make the U.S. a global leader in digital assets. This collaboration has fueled hopes of establishing the country as a central hub for blockchain technology and digital assets within the next five to ten years. For Ripple and XRP holders, such developments signal a potential turning point, especially as the company continues its legal battle with the SEC.

However, not all responses within the crypto community have been positive. Ryan Selkis, the former CEO of Messari, criticized Garlinghouse on social media, accusing him of using his platform to promote XRP and Central Bank Digital Currencies (CBDCs). Similarly, Pierre Rochard, Vice President of Research at Riot Platforms, warned against allowing Ripple to influence U.S. cryptocurrency policy, fearing it could lead to an anti-Bitcoin agenda.

Despite these criticisms, Garlinghouse remained steadfast in his confidence during a recent appearance on Fox Business. He refrained from confirming any specific meetings with Trump but reiterated his belief in the genuine support from the new administration. 

“The crypto industry has embraced Trump; Trump has embraced the crypto industry. I think it’s very genuine, and I think he sees the opportunity, he sees innovation, he sees entrepreneurship — I am very excited about what the future holds,” said Garlinghouse.

XRP Poised for Remarkable Growth Ahead

Anticipation around Trump’s presidency has already influenced the market. After his reelection on November 5, XRP’s value rose sharply, surpassing $1 and hitting $1.16 by November 20, 2024. This jump represents the token’s strongest performance among the top ten cryptocurrencies by market capitalization, with a 102% rise over the previous week. The surge brings XRP to levels last observed in November 2021, indicating renewed confidence among investors.

The upward trend gains additional support from WisdonTree’s launch of a physical XRP ETP and a surge in institutional interest. Ripple’s recent listing on Robinhood has further widened its reach among investors. Yet, technical indicators, such as the Relative Strength Index (RSI), point to potential overbought conditions, hinting at a possible price correction. Despite these signals, investor sentiment remains largely optimistic, with many hoping the positive momentum will continue.

Brad Garlinghouse maintains an optimistic perspective, believing the Trump administration will create a more favorable climate for cryptocurrencies. With clearer regulations anticipated, Ripple intends to harness the XRP platform to transform cross-border payments, which could drive significant growth and innovation in the U.S. crypto market.


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