Last week's surge in Ripple's XRP has recently become a hot topic, with XRP skyrocketing over 90% in just one week. Rumors of a meeting between Trump and Ripple's CEO have been a catalyst for the rise in XRP's price.

Rumors of Trump's Meeting with Ripple CEO

Recently, rumors about former U.S. President Donald Trump meeting with Ripple CEO Brad Garlinghouse have sparked heated discussions on social media, and this rumor may be one of the catalysts for XRP's sharp increase in price.

Garlinghouse did not confirm or deny the meeting during an interview with Fox Business, and his ambiguous statements have deepened market speculation.

However, it is clear that he is optimistic about the prospects for the crypto industry under a Trump administration. He stated, "The crypto industry has embraced Trump, and Trump has embraced the crypto industry. I think this is very sincere; he sees the opportunities, innovation, and entrepreneurship." He also mentioned, "He makes cryptocurrency great again."

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Such statements have sparked market expectations that the future regulatory environment may become more favorable, especially since Trump has already promised to fire current SEC Chairman Gary Gensler. Gensler is seen as having an aggressive stance towards the crypto industry, and this attitude is viewed as a major obstacle to the development of cryptocurrencies.

Ripple and SEC Controversy

The legal dispute between Ripple and the SEC is another significant factor affecting market sentiment. Since December 2020, the SEC has accused Ripple of conducting an unregistered securities offering by selling XRP, leading to a years-long legal battle. Ripple's release of the Q3 2024 XRP market report clearly states that XRP sales on the open market do not constitute securities transactions, which is a favorable ruling for Ripple.

The report emphasizes that XRP's "non-security" status remains valid, and the SEC's appeal against Ripple does not involve whether XRP is a security. Additionally, several institutions have shown strong interest in XRP investment products, with Bitwise, Canary, and 21Shares all submitting S-1 applications for XRP ETFs.

Since the court ruled that XRP itself does not constitute a security, all U.S. exchanges that previously delisted XRP have relisted it. The Chicago Mercantile Exchange (CME) has launched an XRP reference price, Bitnomial announced plans to launch XRP futures products, and Grayscale has launched an XRP trust fund and applied to convert its digital large-cap fund, which includes XRP, into an ETF.

Moreover, 18 U.S. states have filed lawsuits against the SEC and its chairman Gensler, accusing them of overreach in the cryptocurrency sector. This legal challenge could have far-reaching implications for the SEC's appeal, especially in the Ripple case, which is seen as a bellwether for crypto industry regulation. Ripple's legal team is also closely monitoring these developments to provide strong support for its defense.

XRP surged over 90% in a week

According to AICoin data, last week XRP's price in U.S. market trading sessions peaked above $1.20, reaching a new high of $1.26, marking a three-year high. This increase is not solely due to short-term speculation but is driven by market optimism regarding future policy changes; according to AICoin's latest market data, XRP surged over 90% in a week, currently priced at $1.15, with a total market capitalization of $65.9 billion, ranking sixth in total cryptocurrency market capitalization.

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Additionally, Ripple's planned RLUSD stablecoin is seen as an important factor driving demand for XRP, as this stablecoin will be used in cross-border payment products aimed at providing liquidity and facilitating faster and lower-cost transactions. Ripple's potential launch of a new service, Paystring, is also a positive factor for XRP's market outlook.

Conclusion

Under the influence of multiple factors, XRP's price has experienced a significant increase in a short period. However, investors should remain cautious in the face of market volatility. Although the rumors of a meeting between Trump and Ripple's CEO may have brought temporary benefits to the market, the long-term price trend will still depend on the actual changes in the regulatory environment and Ripple's ultimate legal victory. As of the time of writing, XRP is priced at $1.15, down $0.11 from last week's peak.

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