XRP has experienced a significant rise, surpassing Bitcoin and other cryptocurrencies. This rise is linked to changes in the U.S. regulatory environment.
XRP Growth and Current Trends
In Asian markets, XRP rose above $0.82 on Friday, extending its seven-day gain to almost 50%. These levels were last seen in June 2023.
Market Influencing Factors
The positive sentiment increase is driven by 18 U.S. states filing lawsuits against the SEC, claiming the agency's actions as overreach. This has fueled optimism among investors hoping for a more crypto-friendly administration potentially led by Trump. Additionally, Federal Reserve Chairman Jerome Powell's comments to not rush into lowering interest rates have had an impact.
Future of XRP and Other Cryptocurrencies
While cryptocurrencies, including Bitcoin, showed a temporary decline, analysts remain optimistic about future prospects. QCP Capital traders stated that Bitcoin could reach $100,000-$120,000, especially if Trump's ideas on creating a BTC reserve are realized.
XRP's significant rise amid changes in the U.S. regulatory environment highlights the market's anticipation of potential political shifts, which could further boost cryptocurrency growth.