XRP is on fire this week, pumping 45% and then another 17% today to hit $0.80. The price just broke through the $0.71 level, which was the highest we’d seen it go in 2024 back in March.
There are 2 main reasons the XRP price is pumping, let’s explain both.
XRP got a big boost after SEC Chair Gary Gensler hinted he might step down. This isn’t totally surprising – Trump has been saying he’ll fire Gensler if he wins the presidency. The XRP and the whole crypto community has been waiting for Gensler to leave after his tough stance on crypto over the years.
The second thing moving XRP’s price is Trump’s new crypto plan. He wants to cut all capital gains taxes on cryptocurrencies that come from U.S. companies. This would cover coins like XRP, ADA, ALGO, and HBAR – basically making any profits from them totally tax-free for Americans.
The plan says companies need to be registered in the U.S. before they created their crypto. But don’t worry – projects can still move to the U.S. if they want in on this deal. Trump’s looking to make America the place to be for crypto.
With XRP’s price moving like this and these two big pieces of news, hitting $1 this week isn’t out of reach. The buying pressure has been strong, and these updates are giving traders plenty of reasons to stay bullish.
This pump feels like a long time coming for XRP holders. While other cryptos have been hitting new highs left and right during this bull run, XRP has been moving at a snail’s pace. Even Bitcoin’s push past $80k and $90k barely moved XRP’s price. But now, with these positive developments, XRP is finally catching up and giving holders something to be excited about after months of sideways action.
Read also: Where Is Cardano (ADA) Price Headed? Elite Analysts Weigh In
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