XRP Price Preparing for 40% Gains amid Trump-Effect Rally
Donald Trump’s presidency will bring a faster resolution of the ongoing SEC lawsuit involving XRP.
XRP has experienced strong growth, gaining over 300% since Trump’s election victory.
Ripple Labs has signed more U.S deals in the last six weeks of 2024 than in the previous six months.
The sentiment surrounding has improved significantly before ‘s oath-taking on January 20, as analysts predict another 40% XRP price gains in the near future. With Donald Trump resuming office at the White House, crypto market analysts are hopeful of a crypto regulatory overhaul.
Furthermore, with Paul Atkins taking the reigns of the this month, analysts are projecting a faster settlement of the XRP lawsuit. XRP price witnessed a strong surge following Donald Trump’s victory in November. However, after hitting the high of $2.9 in December, XRP has been moving sideways in a “descending triangle” pattern on the technical chart.
As shown in the below image, XRP continues to hold support at the bottom while facing rejection at the upper trendline leading to a shallower price bounce each time.
Photo: TradingView
In other words, if XRP breaks above the descending upper trendline, it could experience a surge of 40% or more. This indicates a continuation of the bullish momentum that began from the early November lows of around 50 cents.
Furthermore, the social sentiment surrounding XRP is also strong. Blockchain analytics platform Santiment reported that there’s an “increased level of optimism” toward XRP, driven by social media posts and market commentary – surpassing that of Bitcoin or Ether .
Since Trump’s election, XRP has surged over 300%, outpacing other major cryptocurrencies. This growth is largely attributed to expectations of a crypto-friendly policy environment under Trump, which includes more favorable regulatory pathways for local crypto businesses, such as Ripple Labs, the firm closely associated with XRP.
Ripple’s Growing Investment in US Market and XRP Action
With Donald Trump resuming Presidency four years after his first term, Ripple Labs is once again looking to expand its footprint in the market. Ripple CEO stated last week that the incoming administration marks the end of years of regulatory uncertainty. It also unlocks new domestic opportunities that were previously “frozen” under the previous government, he added.
Ripple Labs announced that it signed more US deals in the final six weeks of 2024 than in the preceding six months, highlighting a clear “Trump effect” on local business prospects.
In a Tuesday interview, Ripple President Monica Long suggested that an XRP exchange-traded fund (ETF) could soon be a reality, as the incoming Trump administration is perceived to bring more favorable crypto regulations.