News of Trump’s election victory was welcomed by Ripple’s lawyers and leadership as quickly as possible. Chief Legal Officer Stuart Alderoty and CEO Brad Garlinghouse agreed the outlook was positive for the cryptocurrency industry.
They indicate a potential shift in regulatory sentiment that might work to Ripple and XRP’s advantage. This is especially true in light of Trump’s work with Ripple over the past year.
Ripple Executives Optimistic About Trump’s Crypto Stance
Ripple’s CLO Stuart Alderoty thanked both campaigns for restoring ‘the democratic process’ and singled out Trump for special mention of thanks. Earlier this year, Trump met with Alderoty in San Francisco. Alderoty mentioned this, stating,
He also asked the new administration to work on regulatory changes stating,
“Let’s move swiftly to end the regulation-by-enforcement approach we’ve endured in recent years and position the U.S. as the crypto capital of the world.”
Alderoty’s comments are a bit on the optimistic side. A crypto-friendly regulatory landscape under Trump’s administration can possibly steer Ripple’s fight against the US SEC towards a conclusion.
CEO Brad Garlinghouse took to social media to address Trump directly and offer a list of suggested actions for the new administration’s first 100 days. Garlinghouse suggested removing current SEC chair Gary Gensler and mentioned other key nominees who view cryptocurrency more favorably.
He also urged the government to clarify that Ethereum, like XRP and Bitcoin, is not a security and demanded regulatory clarity on the same.
XRP Surges Following Trump’s Win
The market felt positive enough to immediately pump 4% for XRP as it responded to the election outcome. The speculation is that coinciding with Trump’s pro-crypto stance could pay off, given Ripple’s strengthened position for XRP to have a more favorable regulatory environment.
On the chart, XRP/USD is seen trading at about $0.5577 on the technical side. According to the 4hrs time frame we see that XRP recently broke through a resistance zone of $0.55.
This makes sense with XRP’s money flow index (MFI) which is overbought at 77.44, suggesting that it may be about to experience a bullish exhaustion.
According to these indicators, traders might expect the pullback or consolidation near this level before going higher upwards. If XRP maintains momentum above that resistance level, the next major psychological target would be $0.60.
At this point, Ripple’s leadership is optimistic that perhaps under Trump, the market may start seeing a different regulatory policy.
It remains to be seen whether these expectations will actually come to pass. For now, though, the market’s reaction suggests faith in Ripple’s vision for a more specified regulatory framework and the potential this could lead to when it comes to XRP’s growth.
