Donald Trump’s victory in the US Presidential Election 2024 has sparked optimism among broader crypto market participants, as evidenced by the soaring prices of the assets. Amid this, speculations are soaring over potential XRP ETF approval in the US under a Republican administration. Besides, a top market expert also hinted at potential developments in the Ripple and XRP markets under Trump’s Presidency.
Will Donald Trump’s Victory Pave The Way For XRP ETF Approval?
The Republican victory in the election has sparked speculations over the crypto-friendly approach by the regulators. In addition, a flurry of market enthusiasts anticipates Donald Trump to fire Gary Gensler from the US SEC Chair position soon. For context, Trump said that he would fire Gensler on his first day in office during his election campaign earlier this year.
This move has fueled discussions over potential XRP ETF approval in the US. Notably, a flurry of big players like 21Shares, Bitwise Invest, and Canary Capital has already filed for the ETF with the US SEC before the election, which has sparked speculations over a potential launch in the coming days.
In addition, Ripple CEO Brad Garlinghouse also remained optimistic about a similar regulatory decision. Amid this, a top crypto market expert Luke Thomas predicts potential developments in the Ripple and XRP market in the next 3-9 months.
In a recent X post, Thomas said that Ripple would launch its stablecoin RLUSD within this timeframe, with clear stablecoin regulations in the country. Besides, he predicts that the leading player in the ETF space, BlackRock will likely file for XRP ETF with the US SEC. This comment has sparked market optimism while indicating a potential launch of the investment instrument in the US.
Will US SEC Chair Gary Gensler’s Exit Boost Market Sentiment?
Luke Thomas also predicts a potential “resolve” in the Ripple Vs SEC lawsuit within the next three to nine months. Besides, he predicts that this “Settlement” could pave the way for Ripple to sell XRP “directly to institutional clients.”
Notably, this flurry of positive anticipation comes as speculations soared over Gary Gensler’s exit from the US SEC office. In a recent X post, Ripple CEO Brad Garlinghouse urged Donald Trump to fire Gensler on his first day as President, without any delay. Besides, he suggested Chris Giancarlo, Brian Brooks, or Robinhood CLO Dan Gallagher to replace the current SEC Chair.
Meanwhile, a recent report indicates that Gensler may exit the US SEC office as soon as this year. This development, if comes true, could aid in a smooth approval for the XRP ETF in the US, given its regulatory clarity on the security status like Bitcoin.
What’s Next For XRP Price?
A popular crypto market figure, Bitboy said that if Trump fires Gary Gensler, XRP price will benefit the post among the top 100 cryptocurrencies, sparking market optimism. Besides, pro-XRP lawyer Bill Morgan also defended the stagnant XRP performance saying that despite the gloomy performance, it still maintains its top 10 position.
Meanwhile, XRP price today was up nearly 5% to $0.5563, with its trading volume rising 6% to $1.99 billion. Simultaneously, its Futures Open Interest rose around 8%, indicating a growing market focus towards the crypto amid XRP ETF launch speculations.
Besides, a recent XRP price analysis hints at a potential rally of 30X in the coming days. Echoing the sentiment, a top analyst also predicts Ripple’s native crypto to target $1.10 next before a massive breakout.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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