XRP (CRYPTO:XRP) cryptocurrency has been on a huge winning streak lately. As of this writing, the token’s price has surged 268% over the past year. Even in the context of a strong rise in cryptocurrencies, this is an impressive performance.
XRP’s incredible performance over the past year is actually due to a late surge in valuation seen after Donald Trump’s victory in the presidential election. Although the cryptocurrency has already seen impressive gains in conjunction with shifting political winds, its rally on the heels of associated catalysts may just be beginning.
So far, it appears that the new Trump administration will provide an unprecedented level of support to the crypto industry. With this in mind, the president-elect has already named David Sacks as his administration’s artificial intelligence and cryptocurrency czar. Sacks has widely called for looser regulations in crypto and is considered an optimistic supporter of the crypto market.
Along with the change in administration, the Securities and Exchange Commission (SECOND), President Gary Gensler will step down. Trump nominated former SEC commissioner Paul Atkins like his choice to succeed Gensler, and this move could be very bullish for XRP. Not only is Atkins seen as supportive of the crypto industry as a whole, but there appears to be a good chance that he will drop the SEC’s lawsuit against Ripple for allegedly treating XRP as a security.
With a market cap of approximately $138 billion at the time of writing, XRP is now the fourth largest cryptocurrency by market cap and is behind only Bitcoin And Ethereum. In cryptocurrency, brand strength is very important – and valuation success often breeds more success.
If the SEC’s case against Ripple and its cryptocurrency XRP is ultimately resolved, the token could still have plenty of upside ahead. With regulatory risk and uncertainty potentially eliminated, XRP could rise over the next four years of the new Trump administration.
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