Key Takeaways
- XRP surged to over $1 amid rumors of a Trump and Ripple CEO meeting.
- Leadership changes at the SEC could impact ongoing cases against Ripple Labs.
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Ripple’s XRP token has soared above $1—its highest level since November 2021—amid growing speculation surrounding a potential meeting between president-elect Donald Trump and Ripple CEO Brad Garlinghouse.
Data from CoinGecko shows that XRP recorded an 89% gain over the past week, trading at $1.09 at the time of writing. The jump brings XRP back into the top six crypto assets by market capitalization, overtaking Dogecoin.
XRP also outperformed the broader crypto market with a 22% increase over 24 hours, while Bitcoin and Ethereum showed modest gains.
Did Ripple CEO meet Trump?
Rumors of Garlinghouse having a meeting with Trump surfaced after the CEO of Ripple liked a post by Zach Rector that mentioned the meeting. Although Garlinghouse did not explicitly confirm the meeting, his engagement in the post was interpreted as an endorsement of the claim.
Confirmed ✅ #XRP pic.twitter.com/krpLrgrR2c
— Zach Rector (@ZachRector7) November 12, 2024
Garlinghouse’s recent conversation with FOX Business also lends credibility to speculation.
During an interview with FOX Business yesterday, when asked about the speculated meeting with Trump, Garlinghouse jokingly avoided providing specifics, which led the anchor to interpret his response as confirmation.
The meeting rumors come at a time when Trump is positioning himself for a return to power, and there are hopes among crypto investors that his administration would be more favorable towards crypto regulations, which could benefit Ripple and XRP, as well as other industry businesses.
SEC Chair’s potential resignation
XRP’s price movement turned bullish after SEC Chair Gary Gensler hinted that he might depart from his role during a Thursday speech at the Practising Law Institute’s Annual Institute on Securities Regulation.
According to FOX Business reporter Eleanor Terrett, Gensler is expected to resign after Thanksgiving and leave before Donald Trump’s inauguration in early January.
Although Gensler’s potential departure would not be unusual, especially considering historical instances where SEC chairs often resign when a new administration takes office, crypto market participants have strongly reacted to the possibility of a change in leadership at the SEC.
This possibility has particular significance for Ripple Labs, which has been engaged in an extended legal battle with the regulatory body under Gensler’s tenure.
A new SEC chair could potentially lead to dismissals or settlements in ongoing cases against crypto companies, including Ripple Labs, Coinbase, and Binance.
The regulatory outlook has influenced other digital assets as well, with Cardano’s ADA token rising 14% to $0.75 over the past 24 hours, per CoinGecko.
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