XRP (CRYPTO:XRP) cryptocurrency has been on a huge winning streak lately. At the time of writing, the token’s price has risen 268% in the past year. Even against the backdrop of a strong bull run for cryptocurrency, that’s an impressive achievement.
XRP’s incredible performance over the past year was actually due to a late appreciation rally following Donald Trump’s victory in the presidential election. While the cryptocurrency has already posted impressive gains in tandem with shifting political winds, the rally could be just getting started in the wake of related catalysts.
So far, it appears that the new Trump administration will provide an unprecedented level of support to the crypto industry. In this sense, President-elect has already appointed David Sacks as his administration’s artificial intelligence and cryptocurrency czar. Sacks has broadly called for looser regulation in the crypto space and is seen as a bullish proponent of the crypto market.
In conjunction with the change in administration, Gary Gensler, chairman of the Securities and Exchange Commission (SEC), will resign from his position. Trump has named former SEC Commissioner Paul Atkins as his choice to succeed Gensler, and this move could be very bullish for XRP. Not only is Atkins seen as beneficial to the crypto industry in general, there also seems to be a good chance that he will drop the lawsuit the SEC filed against Ripple for allegedly treating XRP as a security.
With a market cap of approximately $138 billion at the time of writing, XRP is now the fourth largest cryptocurrency by market cap, trailing only Bitcoin And Ethereum. In the crypto world, brand strength is very important – and valuation success often leads to more success.
If the SEC’s case against Ripple and its XRP cryptocurrency is finally resolved, the token could still provide significant upside. With regulatory risk and uncertainty potentially taken off the table, XRP could soar over the next four years under the new Trump administration.
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