What to know:
- XRP rose more than 2% on Wednesday as other large cryptocurrencies continued losses.
- The gain came after a picture was posted by Ripple CEO Brad Garlinghouse after a dinner with his Chief Legal Officer Stuart Alderoty and President-elect Donald Trump.
- The broader crypto market, as tracked by the CoinDesk 20 Index, declined roughly 3% on Wednesday.
Since the U.S. November presidential election, Ripple’s XRP has been the top performer among major cryptocurrencies, and it surpassed expectations even further on Wednesday following a dinner meeting between Ripple CEO Brad Garlinghouse, Chief Legal Officer Stuart Alderoty, and President-elect Donald Trump.
As a researcher, I’d rephrase that statement like this: “I had an excellent dinner the previous night… Kicking off 2025 on a positive note,” signed Garlinghouse next to a photo of himself and Alderoty with Trump.
Over the past 24 hours, the token has increased by approximately 2%, while bitcoin and the CoinDesk 20 Index have decreased by around 2.5%. Since Trump’s election victory, it has surged over 300%, significantly outperforming other major cryptos. Following the election, dogecoin (DOGE) is another notable winner, but its growth has been less dramatic, with approximately double the increase.
Crypto enthusiasts are eagerly seeking fresh advancements to ignite a bullish trend, as stated by Aurelie Barthere, principal research analyst at Nansen. These advancements could be announcements about the cooling down of U.S. inflation and labor markets, or updates on the future policies of the Trump administration. Until more information becomes available, she predicts that the markets may remain volatile.
We anticipate a continuous weakening in the U.S. job market which will cap U.S. interest rates and potentially boost crypto prices, including XRP. This optimistic outlook is reinforced by Ripple’s CEO meeting Trump before his presidency, as suggested by Barthere.
The anticipation of an upcoming XRP-based Exchange Traded Fund (ETF), mentioned by Ripple’s President Monica Long this year, has contributed to the rise in the token’s price, as well as for their U.S. dollar stablecoin, RLUSD. Notably, this stablecoin received regulatory approval in December and was recently added to crypto exchange Bitstamp on Wednesday.
This week, there’s a trend toward purchasing XRP through our franchise, with the majority coming from retail brokers and crypto-focused investment funds, according to Zahreddine Touag, Head of Trading at Woorton, a marketplace based in Paris. This could be due to the optimistic news emerging from the Ripple foundation, such as the potential listing of an XRP Exchange-Traded Fund (ETF) and the launch of the RLUSD stablecoin.
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2025-01-08 23:37