The price of Ripple coin XRP has risen by 2.72% over the past 24 hours to around 0.5487 USD. This is largely due to the rally in the entire virtual asset market since yesterday, when Donald Trump was elected as the next US president.
Ripple coin is up 5.77% from a week ago, 3.42% from a month ago, and 19.86% from a year ago, so it hasn’t risen as much as some investors would like.
Although Ripple’s legal uncertainty increased last month when the SEC appealed, Trump’s victory is expected to be a major turning point for the cryptocurrency market and Ripple coin.
Not only is the SEC unlikely to win on appeal, but with Trump back in the White House, the path is open for an XRP ETF approval. A spot ETF could revive Ripple coins in the same way that a Bitcoin ETF did.
Trump’s Election Raises XRP ETF Expectations – Could It Be Approved Quickly?
In fact, an XRP ETF could hit the market sooner than you think, as Grayscale already filed an application in late October to convert its Digital Large Cap Fund, which holds XRP, into an ETF.
In early October, Canary Capital and Bitwise applied for their own funds, and a few days ago, 21Shares also applied for its own XRP ETF.
The virtual asset market is expecting a relaxation of US regulatory policy in the coming months and is also considering the possibility of a replacement of the SEC chairman.
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If that happens, there is a possibility that an XRP ETF could be approved in a very short period of time, which would in turn have a very positive impact on the Ripple coin price.
For example, when the first Bitcoin spot ETF launched in the United States in January this year, Bitcoin rose by about 65%.
A similar phenomenon could occur in the XRP market. The SEC is currently appealing the July 2023 ruling in its lawsuit against Ripple Labs, but a change in the commission’s leadership could also lead to an early conclusion to the appeal.
This news in itself could be positive for the XRP price, and the momentum Ripple has shown since yesterday reflects this hope.
The price of XRP has surged along with the overall cryptocurrency market. A golden cross has formed on the chart, indicating a breakout, as the 30-day moving average (orange) has surpassed the 200-day moving average (blue).
Going forward, we can expect to see additional price increases as the Trump administration announces policy decisions that will positively impact the cryptocurrency industry and XRP.
If all goes well, Ripple coin could reach 0.60 USD next week and possibly rise to around 0.80 USD by the end of the year.
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