Collins J. Okoth
Through an X post, Ripple CEO Brad Garlinghouse said there was light at the end of the tunnel for XRP. He thanked the XRP army for its patience and unwavering support. He stated that a lot had happened since XRP ranked second most valuable crypto, but headwinds were turning to tailwinds as tides appeared to change under Trump’s administration.
The Ripple boss claimed that the crypto firm had endured six years of the U.S. SEC’s meddling, characterized by an unfair picking of winners and losers. He, however, added that the opportunities for those who believed in XRP’s future were enormous despite Ripple’s 4-year legal battle against the U.S. SEC.
XRP prepares to reclaim former glory as CEO promises brighter future
I’ve shared some thoughts on what the Trump administration could mean for crypto and wanted to also recognize the XRP family’s patience and unwavering support.
A lot has happened since XRP was the 2nd most valuable digital asset. It’s been – at times – a frustrating journey.~6…
— Brad Garlinghouse (@bgarlinghouse) November 7, 2024
Speaking to BBC News, Garlinghouse anticipated that the entire crypto industry, including XRP, would thrive under the Trump administration and the pro-crypto Senate. He pointed to key factors such as the replacement of the U.S. SEC top officials, starting with the chair, as some of the changes that could overhaul the crypto space.
According to Ripple’s top executive, the U.S. crypto market was ready to follow the rules; it just needed clarity of regulation. He added that a shift in the SEC’s leadership could potentially impact Ripple’s case positively, possibly driving the XRP price up. His comments suggested that the new Congress could bring the clarity that Ripple has been waiting for. Paul Grewal, Coinbase CLO, echoed these sentiments, saying that Ripple’s case could finally receive the attention it needed from a Congress that was now more open to crypto discussions. Grewal also hinted that the SEC’s influence could lessen if the current pro-crypto leaders took action, paving the way for more favorable outcomes for Ripple and other crypto projects.
Responding to Garlinghouse’s X post, Linda Jones, an international bestseller and author of ‘3 Steps to Quantum Wealth: The Wealth Heiress’ Guide to Financial Freedom by Investing in Cryptocurrencies’, said the XRP army had been waiting patiently for the coin to unleash its potential and reach its best value. XRP enthusiast Stephanie Starr, who claimed to have held XRP for six years, said the XRP community was now hopeful despite undergoing three ‘soul crunching’ years.
Other industry experts predicted that the current momentum could push XRP prices to new highs, with some optimistic estimates reaching above $1. CoinGecko’s data showed that XRP’s performance was currently stable, with a 4.5% 24-hour gain to trade at $0.5725. The data confirmed XRP’s steady rise as it surged 7% in the past 30 days, 14% in the last 7 days, and 5% in the last hour.
Ripple’s performance metrics report projects Q4’s XRP market boom
Ripple’s report revealed elevated XRP markets in Q3 going into Q4. The report disclosed that Q3’s XRP volumes were up as the average daily volumes on top-tier exchanges stood at $600-$700 million. As per Ripple’s report, the XRP/BTC ratio’s increase of 27% over Q3 was particularly significant when Bitcoin’s dominance rose 3%.
Ripple’s report also showed that the XRP token experienced increased volatility to over 110% during the first half of Q3 due to wide price swings (from $0.40 to $0.60) and was down to 60% in the second half of Q3. Ripple said the decline was due to a more range-bound price range.
Ripple reported that trading volumes had remained high in Q3, with larger volumes recorded on Upbit, Binance, and Bybit. Notably, the three exchanges accounted for over 65% of the total traded XRP volumes. The data also showed that while most of XRP’s trading activities were still against USDT, the volume traded against fiat pairs rose by four percentage points to 14% in Q3.
U.S. exchanges that had delisted XRP, such as Coinbase, relisted it after the court’s decision affirmed that XRP was not a security.
