Ripple's XRP token has reached a new high for 2024, fueled by expectations of pro-crypto developments in the US under President Trump and progress on the RLUSD stablecoin project.
XRP Surge Amid Trump's Election
Following Donald Trump's victory in the 2024 US presidential election, the crypto market experienced a rally led by Bitcoin. XRP saw an increase amid rumors of a potential meeting between Ripple CEO Brad Garlinghouse and Trump, which led to a 17% price rise.
Anticipation of SEC Cases Settlement
In 2020, the SEC sued Ripple for unregistered securities offerings. It's anticipated that under Trump's administration, some legal cases could be settled or dropped, potentially saving the industry millions.
New RLUSD Stablecoin Project
Ripple's RLUSD stablecoin project may further influence XRP's rise. The New York DFS is expected to approve the stablecoin soon, with a potential launch on December 4. RLUSD will be used alongside XRP for cross-border payment solutions.
Expectations for a more favorable political climate for cryptocurrencies in the US, alongside progress in the RLUSD stablecoin development, have contributed to XRP reaching new heights in 2024.
