Donald Trump's re-election in the 2024 US Presidential Election has invigorated the cryptocurrency market, particularly with a surge in prices. This election win has intensified discussions regarding the potential approval of an XRP ETF in the United States under a Republican administration. The anticipation grows as market experts suggest changes in the regulatory environment might occur with Trump at the helm. Central to these speculations is Gary Gensler, the current US SEC Chair, who Trump has expressed intentions of replacing.
Throughout his campaign, Trump vowed to dismiss Gensler on his first day in office, a move believed by many to enhance the possibility of an XRP ETF approval. Prior to the election, several companies like 21Shares, Bitwise Invest, and Canary Capital had entered applications for an ETF with the SEC, raising hopes for a swift resolution post-election. Ripple's CEO, Brad Garlinghouse, shares this optimism about favorable regulatory decisions under the new administration. In the context of market dynamics, renowned crypto expert Luke Thomas has forecasted notable developments in the Ripple and XRP sectors, potentially occurring within the next three to nine months.
According to a recent post by Thomas, Ripple is set to launch its stablecoin, RLUSD, within this timeframe, coinciding with proposed stablecoin regulations in the US. Furthermore, he anticipates BlackRock, a leading name in the ETF sector, to file for an XRP ETF with the US SEC, signaling positive momentum in the marketplace. The prospect of Gary Gensler's removal could further boost investor sentiment. Thomas also speculates about a resolution in the ongoing Ripple versus SEC lawsuit within the same timeline, which may enable Ripple to distribute XRP directly to institutional clients.
Ripple's CEO's vocal criticism of Gensler on social media, urging Trump to expedite Gensler's removal, highlights the heightened expectation for regulatory reforms. With recommendations for potential replacements, like Chris Giancarlo and Brian Brooks, optimism is rife regarding an alignment of policy that favors cryptocurrency advancements. Market reports suggest Gensler's possible departure from the SEC as early as this year, potentially facilitating clearance for the XRP ETF, akin to Bitcoin's regulatory treatment. As these regulatory developments unfold, questions arise about the impact on XRP's market performance.
Influential crypto figures like Bitboy assert that Trump's actions towards Gensler could substantially benefit XRP's valuation, which maintains a strong position despite recent underperformance. Prominent crypto lawyer Bill Morgan defends XRP's standing and predicts resilience even in current market conditions. Recently, XRP's price reflected market optimism, rising nearly 5% to $0.5563, alongside a 6% boost in trading volume to $1.99 billion. This is complemented by an 8% rise in Futures Open Interest, indicative of rising market attention amidst ETF speculation. As price analyses suggest a possible significant rally, analysts predict XRP could soon target $1.10, potentially paving the way for a substantial breakout.
