XRP Rises Amid Speculation of Ripple-Trump Meeting
Ripple's native cryptocurrency, XRP, showed a positive momentum on Wednesday, diverging from other major cryptocurrencies. While Bitcoin and Ethereum exhibited downward trends today, XRP managed to break free from this correction. The cumulative cryptocurrency market has recorded a decline of about 4% since yesterday, with total trading volume reaching $309 billion. Following a nearly 20% increase from the opening price yesterday, XRP has seen its gains pulled back to around 10%.
This rise in XRP's price is attributed to speculation regarding Ripple's next steps in the SEC lawsuit and an alleged meeting between Ripple and former President Donald Trump. These speculations sparked excitement among market participants and lifted XRP despite the market correction.
Speculation about a Ripple-Trump meeting Crypto analyst Zach Rector made a post on X claiming that a meeting is planned between Ripple and Donald Trump. Rector suggested that this meeting could be related to cryptocurrency regulation. Rumors began circulating that Ripple's CEO, Brad Garlinghouse, indirectly confirmed these claims by liking the post.
These developments have generated new hopes regarding XRP's legal proceedings. Specifically, expectations that the U.S. Securities and Exchange Commission (SEC) might withdraw its appeal in the Ripple case have supported XRP's price. Such a move by the SEC could set an important precedent not just for XRP, but for the cryptocurrency market as a whole.
Historical rulings in XRP's legal process In July 2023, Judge Analisa Torres made a significant ruling in the Ripple case, determining that XRP's programmatic sales did not meet the requirements of the Howey Test. This ruling sparked a major price increase for XRP, pushing it up to $0.9327. However, as the SEC's appeal process unfolded, the price retreated below $0.40.
In addition to developments concerning the SEC's appeal, discussions are ongoing about the potential effects of a meeting between Ripple and the Trump administration on the future of the case. The Ripple community harbors high expectations that this meeting could present new opportunities for Ripple.
Rising excitement within the XRP community According to Santiment data, the XRP community has recently experienced significant excitement. More than 4% of discussions regarding XRP have occurred in the last eight days, coinciding with a 45% increase in price. This indicates a new wave of optimism in the cryptocurrency space.
Another important point highlighted by analysts is the possibility of XRP surpassing the $0.74 level. However, this is closely related to whether the market has entered the overbought territory and whether funding rates on major exchanges like Binance have tightened. As XRP maintains this upward trend, market participants are keeping a close eye on the SEC's next move.
Significant increase in XRP's price and trading volume XRP has gained 24% in value over the last seven days and is currently trading at an average price of $0.67. The cryptocurrency's 24-hour trading volume has surged by 120%, reaching $11.6 billion. This rise of XRP has caused a new wave in the cryptocurrency market.
Meanwhile, Dogecoin (DOGE) has surpassed XRP to become the sixth-largest cryptocurrency. DOGE has recorded a 94% increase over the past seven days. However, XRP continues to maintain its position in the market amidst both legal developments and speculation.