Why Did Ripples (XRP) Price Explode to 8-Month Peak Above $0.7?

Why Did Ripples (XRP) Price Explode to 8-Month Peak Above $0.7？

The bull rally that was induced and propelled by Donald Trump‘s victory in the 24 US presidential elections last week seemed to have missed Ripple’s native token, at least until earlier today.

XRP managed to chart some gains in the past week, but it was nothing compared to the massive price surges seen from the likes of Bitcoin, Cardano, Dogecoin, Shiba Inu, and many others.

XRPUSD. Source: TradingView

The landscape for XRP, which lost some positioning to DOGE in the top 10 digital assets by market cap earlier this week, changed today, with a substantial rise that drove it from under $0.6 to $0.741 (on Bitstamp). This was the highest price the cryptocurrency has seen in precisely eight months.

The crypto community rejoiced at the rally, many of whom had been expecting it, and started posting celebratory tweets with even more impressive predictions.

XRP BREAKOUT ALERT

Launch Pad is being Prepared… ‍

$XRP is attempting a breakout above $0.65 which will trigger a rally to $0.90, the level that starts the bull..

Patience Pays

— CRYPTOWZRD (@cryptoWZRD_) November 12, 2024

The reasons behind this surge could be multi-fold. On the one hand, XRP might just be late to the Trump-initiated party and is joining the bandwagon a week late. That seems like a simple enough explanation since theres no evident announcement by the company behind it.

However, it could also be attributed to somewhat speculative rumors circling X. A popular author covering financial markets recently posted that Ripple‘s CEO, Brad Garlinghouse, had followed the footsteps of Cardano’s Charles Hoskinson and actually met with Trump or someone from his upcoming administration to discuss a potential regulatory framework around cryptocurrencies.

Although there has been no official statement from Garlinghouse, the author – Zach Rector – posted a tweet indicating that Ripples chief exec had liked his initial publication, which he believes is enough confirmation.

Confirmed #XRP

— Zach Rector (@ZachRector7) November 12, 2024