Bitcoin and cryptocurrency prices, including Ripple’s XRP, have surged significantly following Donald Trump’s return to the White House, as traders anticipate a major shift.
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The price of bitcoin has jumped nearly 40% over the past six months, while Ripple’s XRP has outperformed with a staggering 300% increase, despite emerging threats targeting crypto traders.
As traders are urged to “prepare for volatility,” Ripple CEO Brad Garlinghouse mentions that the company is ready to “unlock the U.S. market,” suggesting the potential opportunities are “huge.”
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Ripple CEO Brad Garlinghouse has forecasted that the U.S. bitcoin and crypto … More
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“The market opportunity here is significant,” Garlinghouse stated to Fox Business after the U.S. Securities and Exchange Commission (SEC) resolved its four-year legal dispute with Ripple, allowing the company to aim for displacing Swift, the global messaging network facilitating international bank transactions.
“Trillions of dollars are being transferred across borders worldwide, predominantly via Swift,” Garlinghouse explained. “The SEC’s opposition has been tough, but the Trump Effect is now evident, reflected in the adoption of these technologies.”
Ripple’s legal challenge against the SEC began in late 2020 when the company was accused of raising $1.3 billion through an unregistered securities issuance. In 2023, Ripple achieved a partial victory when a federal judge ruled that XRP was not a security when sold to retail investors but was classified as such when sold to institutions. Although the SEC has appealed that ruling, it appears to be backing down.
“It took longer than we expected… costing over $150 million in legal fees, but we are pleased with the final result,” Garlinghouse remarked. “This enables us to genuinely tap into the U.S. market.”
In a notable mention, XRP has been included by Trump as one of the cryptocurrencies constituting a proposed U.S.-based crypto reserve.
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The price of XRP surged following Donald Trump’s election victory, skyrocketing alongside the … More
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“A U.S. crypto reserve will significantly boost this vital sector after years of corrupt assaults from the Biden administration, which is why my executive order on digital assets directed the presidential working group to advance a crypto strategic reserve that will include XRP, SOL, and ADA,” Trump wrote on his Truth Social account in early March.
Trump subsequently signed an executive order calling for the establishment of a cryptocurrency stockpile to accompany a bitcoin strategic reserve.
Traders are also speculating that the SEC will approve a long-awaited XRP exchange-traded fund (ETF) following the launch of fully-fledged bitcoin and ethereum ETFs last year.
“XRP is experiencing a bullish momentum, especially with the SEC withdrawing its lawsuit against Ripple Labs,” said Nick Forster, founder of the decentralized on-chain options platform Derive.xyz, in an email. “Moreover, the SEC’s pending evaluation of five XRP ETFs could result in $8 billion in inflows throughout the year.”
