Ripple Labs' XRP Token has come up trumps post-election to become one of the world’s biggest cryptocurrencies.
The currency leapfrogged Solana’s SOL and is now fourth behind only Tether’s USDT, Ether token and of course Bitcoin. Forbes reported that Ripple’s market cap has risen from around $30 billion to $131 billion by Monday. But why is XRP going up, and why is the price prediction continuing to rise?
XRP seems to be enjoying the fact that Donald Trump will retake his seat in the Oval Office, considering that it has risen steadily since he was re-elected.
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But the huge surge in its prices over the weekend came after Fox Business reported on some good news for XRP.
The publication said that the New York Department of Financial Services may soon approve the launch of Ripple’s RLUSD stablecoin, with the company preparing to launch as early as Dec. 4.
It comes after a period in the mire for the company after it was sued in 2020 by the Securities and Exchange Commission, when it was accused of selling XRP tokens without registering it as a security.
However, last July, a federal judge ruled Ripple did not violate securities law and with Trump’s imminent arrival in the hotseat coupled with SEC chair Gary Gensler’s decision to depart, it looks like the success story is going to continue.
The news follows comments from Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo—among the favourites to become Trump’s “Crypto Czar”—who said that he thinks the SEC should drop the case against Ripple all together.
Ripple CEO Brad Garlinghouse also said that CBS News’ 60 Minutes program had interviewed him about the future of crypto, among other things.
In an X post last week he said the interview will air soon. “Last week, @60Minutes interviewed me about crypto, the push for regulatory clarity and how the industry banded together to advocate for pro-innovation candidates (on both sides of the aisle) through Fairshake PAC,” Garlinghouse wrote.
