The recent victory of Donald Trump in the 2024 U.S. presidential election has sent waves of optimism across the cryptocurrency market, as investors and market participants anticipate a more crypto-friendly regulatory environment. With the potential for changes in the U.S. Securities and Exchange Commission (SEC) leadership and fresh momentum for crypto asset regulatory approvals, discussions have intensified over the possible launch of an XRP ETF—a prospect that could reshape Ripple’s role in the digital asset market.
Will Trump’s Victory Lead To XRP ETF Approval?
Trump’s return to office has invigorated speculation that regulatory bodies may adopt a friendlier stance toward digital assets, especially given the existing Republican interest in promoting innovation within the cryptocurrency space. Trump notably campaigned on a promise to dismiss Gary Gensler from his role as SEC Chair, a move that could open the door to pro-crypto regulations and potentially, an expedited path for an XRP ETF approval. During the campaign, Trump explicitly stated he would remove Gensler on his first day in office, a position that has been popular among crypto advocates and market participants.
Several firms, including 21Shares, Bitwise Invest, and Canary Capital, have already filed applications with the SEC for an XRP ETF. The anticipation around Trump’s victory has amplified hopes that these filings may gain traction, possibly ushering in a new era of accessibility for XRP as an investment vehicle in the U.S. Additionally, Ripple CEO Brad Garlinghouse has shared similar optimism, suggesting that a favorable regulatory stance could help XRP achieve ETF status in the U.S.
Ripple Market Developments Anticipated Under Trump Administration
Luke Thomas, a well-regarded crypto market expert, recently hinted at key developments in the Ripple and XRP landscape within the next three to nine months. Thomas predicts that Ripple will launch its stablecoin, RLUSD, a move that could coincide with the establishment of stablecoin regulations under a pro-crypto administration. He further speculates that BlackRock, a major player in the ETF arena, could file for an XRP ETF, potentially signaling the beginning of a new wave of crypto-focused ETFs in the U.S.
A shift in the SEC’s leadership could also positively impact the ongoing Ripple vs. SEC lawsuit. Thomas suggests that a resolution might come soon, potentially enabling Ripple to sell XRP directly to institutional clients. Ripple CEO Brad Garlinghouse has echoed this sentiment, urging Trump to take swift action on Gensler’s position, even suggesting potential replacements who may adopt a more favorable approach to crypto regulation.
XRP Price Outlook and Market Momentum
The market’s excitement surrounding Trump’s victory and the possible regulatory changes has bolstered XRP’s price. Bitboy, a prominent crypto analyst, suggested that if Trump removes Gensler, XRP’s price could surge, benefiting from a broader regulatory shift. Although XRP has experienced stagnant performance recently, it remains within the top 10 cryptocurrencies. Amid the ETF speculation, XRP’s price rose approximately 5% to $0.5563, with trading volume increasing 6% to $1.99 billion, and its Futures Open Interest up 8%.
Some analysts predict that XRP may rally as much as 30X if an ETF approval is secured, with the next target set around $1.10. If realized, these price projections could make XRP one of the biggest gainers in a post-Trump crypto landscape, as optimism builds around its role in institutional crypto adoption.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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