Ripple's XRP token has seen its price rise by 180% since October, driven by optimism among investors following Donald Trump's recent election victory and the belief that his administration will be more favorable towards the crypto industry. This comes after years of pressure on XRP due to the approach to regulations taken by Gary Gensler, former head of the SEC, who launched lawsuits against Ripple Labs and other companies. Ripple emerged partly victorious in the SEC case, but the regulator has since appealed the ruling. The appointment of crypto-friendly figures to key roles in the Trump administration has further fueled optimism, with analysts predicting the new SEC will be more friendly to the industry and that companies will apply for an XRP ETF. The anticipation of Ripple's upcoming stablecoin, RLUSD, has also driven XRP's price increase. However, competition in the stablecoin and layer 1 network sectors presents challenges to Ripple's success. On the technical side, XRP has broken out bullishly on the weekly chart, surpassing key resistance levels and indicating further potential gains. If the price surges above last week's high, it could rise to the year-to-date high of $1.9712, but if it drops below $0.9375, the bullish view would be invalidated.



Other News from Today