Ripple CEO Brad Garlinghouse credits XRP’s 70% rally to pro-crypto policies, Robinhood’s relisting, and eased U.S. regulations.
Ripple CEO’s View
Brad Garlinghouse, the CEO of Ripple, has provided insight into the factors that contributed to XRP’s extraordinary 70% increase, which resulted in a two-year high of $0.9193.
He attributes the surge to a combination of pro-crypto policies under the new administration, Robinhood’s relisting of XRP, and the relaxation of regulatory constraints in the United States. The involvement of 18 state attorneys in lawsuits that challenge the SEC’s approach to crypto regulation was also welcomed by Garlinghouse.
He also criticized the SEC’s actions for impeding U.S. innovation, but he expressed optimism that the evolving regulatory landscape would provide significant growth opportunities for U.S.-based crypto assets.
The market’s Optimism is bolstered by Trump’s status as a “Crypto President.”
Garlinghouse praised President-elect Donald Trump’s advocacy for blockchain innovation and entrepreneurship in an interview with FOX Business, referring to him as a “crypto president.” He characterized the cryptocurrency sector’s post-election environment as transformative, underscoring Trump’s adoption of cryptocurrency.
“The crypto industry has embraced Trump, and Trump has embraced the crypto industry. I think it’s very genuine,” Garlinghouse remarked.
This optimism has also been extended to U.S.-linked cryptocurrencies such as Cardano (ADA) and Solana (SOL), which have also experienced substantial growth since Election Day. Garlinghouse emphasized that regulatory clarity is alleviating the pressures on these assets, thereby enabling them to flourish.
XRP is Rechnically on the Rise
The price breakout of XRP is consistent with its exit from a symmetrical triangle pattern, which indicates a robust bullish momentum. Market enthusiasm has been further bolstered by significant developments, such as Robinhood’s relisting of XRP. The token is poised to surpass a critical resistance level at $1.00, and analysts anticipate a potential increase to $1.50 should the barrier be breached.
Additionally, the rally has been bolstered by institutional interest and increased trading activity, as XRP’s trading volume has risen by 25% in 24 hours to $11.7 billion.
Institutional interest is on the rise, as evidenced by whale activity, which includes a significant 60 million XRP transaction valued at $52.8 million.
At present, XRP is trading at $0.89, representing a 14% increase in the past 24 hours. Given the favorable market conditions and the growing institutional interest, XRP’s future appears encouraging, with a market capitalization of $50.8 billion and a trading volume that has surged to $11.65 billion. Analysts continue to express optimism regarding its capacity to surpass the $1.00 resistance and maintain its upward trajectory.
According to market observers, there is a substantial likelihood of an XRP breakout, as the cryptocurrency is currently experiencing a surge in value and all indicators are in its favor. However, the extent of its potential will be determined by the passage of time.
