The rally in crypto altcoin XRP continued after Donald Trump’s inauguration on January 20.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts and uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
The price of XRP was up as much as 6% in the last 24 hours even as larger cryptos such as Bitcoin (BTC) and Ethereum (ETH) pulled back after there was no mention of digital assets in Trump’s inauguration speech. XRP is now up nearly 500% since Trump’s re-election on November 5 last year.
The rally has pushed the value of XRP sky high and led it to become the third-largest crypto based on market capitalization behind only Bitcoin and Ethereum. XRP’s price hit an all-time high of $3.40 on January 17 this year, spurred by rumors of its inclusion in a new U.S. cryptocurrency reserve.
Friendlier Environment
In addition to Trump’s promises related to crypto, investors are also hoping for a friendlier environment on Wall Street and that the U.S. Securities and Exchange Commission (SEC) will stop its years long crackdown on the sector. In 2020, the SEC sued Ripple, the payment platform on which XRP is used to facilitate transactions, for selling an unregistered security.
Trump has nominated crypto-friendly Paul Atkins to now head the SEC, and many hope he will drop the regulator’s legal battle against Ripple, helping to lift XRP’s price in recent months. While it remains unclear where crypto prices go from here, XRP has been a clear winner of Trump’s return to power.
Is XRP a Buy?
Most Wall Street firms don’t offer price targets on XRP. So instead we look at the three month performance of the cryptocurrency. As one can see in the chart below, the price of XRP has risen 483% in the past 12 weeks.
