As an experienced analyst who has navigated the tumultuous waters of the cryptocurrency market for over a decade, I find myself intrigued by the sudden surge of XRP this week. The bull rally triggered by Donald Trump’s victory was certainly not missed by most major coins, but it seemed that Ripple’s native token was late to the party.
The bullish market surge triggered by Donald Trump’s win in the U.S. elections a week ago appeared not to affect Ripple‘s native token, at best, until today.
Over the last seven days, XRP experienced a modest increase in value; however, this growth pales in comparison to the significant price jumps observed by cryptocurrencies such as Bitcoin, Cardano, Dogecoin, Shiba Inu, and various others.
Today, XRP experienced a significant surge, pushing its value up from around $0.6 to $0.741 on Bitstamp. This is the highest XRP’s price has been in about eight months. Earlier this week, it had slipped slightly in the top 10 digital assets by market capitalization compared to DOGE.
Enthusiasts of cryptocurrency cheered on as the market surged, a development that many had anticipated beforehand, leading them to share triumphant tweets and make optimistic forecasts about future growth.
XRP BREAKOUT ALERT
Launch Pad is being Prepared…
XRP is making an effort to surge past the $0.65 mark, which could initiate a climb towards $0.90 – the point where the bullish trend begins.
Patience Pays
— CRYPTOWZRD (@cryptoWZRD_) November 12, 2024
As an analyst, I’ve been pondering over the recent surge in XRP, and here’s my take: It appears that XRP may be a little tardy to the party initiated by Trump, hopping on the bandwagon a week later. This could be a plausible explanation given that there seems to be no significant announcement from the company associated with it.
However, it could also be attributed to somewhat speculative rumors circling X. A popular author covering financial markets recently posted that Ripple’s CEO, Brad Garlinghouse, had followed the footsteps of Cardano’s Charles Hoskinson and actually met with Trump or someone from his upcoming administration to discuss a potential regulatory framework around cryptocurrencies.
Despite not receiving an official statement from Garlinghouse, author Zach Rector seems confident based on his belief that Ripple’s CEO liked one of his earlier posts as a strong indication of confirmation.
Confirmed #XRP
— Zach Rector (@ZachRector7) November 12, 2024
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2024-11-13 00:00