Trump's social media post sparks XRP price surge

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Trump's social media post sparks XRP price surge

crypto :: 18hrs ago :: source - thestreet

By Sabrina Toppa

XRP logo / Pixabay

The price of Ripple (XRP), the world’s third-largest cryptocurrency by market capitalization, rose to $2.73 on Thursday.

The cryptocurrency’s market cap is now standing at $157.9 billion, with a 24-hour trading volume of approximately $4.6 billion, according to CoinGecko.

Ripple's price surged this week following the publication of an XRP-related article on Donald Trump's social media account and growing speculation about a potential XRP exchange-traded fund (ETF) launching this year.

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Last month, Ripple Labs CEO Brad Garlinghouse extolled Trump's support of the crypto industry, claiming his firm was increasingly hiring in the U.S. thanks to reduced regulatory hurdles under the new administration. “[Seventy-five percent] of Ripple’s open roles are now U.S.-based, while over the last four years, the vast majority of hires were outside the U.S.,” he said.

“2025 is here and the Trump bull market is real," Garlinghouse added. "For Ripple, this is even more personal after [Gary] Gensler’s SEC effectively froze our business opportunities here at home for years. The optimism is obvious and very deserved.”

Garlinghouse was referring to Ripple’s legal battle with the SEC, which began in 2020 when the agency accused the company of raising more than $1.3 billion through an unregistered securities sale. However, the SEC now appears to be pausing or scaling back several crypto lawsuits, including recent cases against Coinbase and Binance.

“So-called independent agencies like the FTC [Federal Trade Commission] and SEC have exercised enormous power over the American people without presidential oversight. These agencies issue rules and regulations that cost billions of dollars and implicate some of the most controversial policy matters," Trump said this week. "Now they will no longer impose rules … without accountability,”

XRP ETFs are also on the horizon in the U.S., with the Securities and Exchange Commission (SEC) currently reviewing applications from CoinShares, Canary Capital, and WisdomTree. Meanwhile, Brazil has approved its first XRP ETF for launch this year.