XRP breaks at $1 amid expectations of Trump-Ripple CEO meeting
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XRP rises above $1 on Trump and Ripple CEO meeting. Changes in leadership at the SEC may affect Ripple Labs' ongoing issues.
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Ripple's XRP token rose above $1, its highest level since November 2021, as speculation mounted over a possible meeting between President Donald Trump and Ripple CEO Brad Garlinghouse.
According to data from CoinGecko, XRP has recorded an 89% gain over the past week, trading at $1.09 at the time of writing. The jump brings XRP into the top six crypto assets by market capitalization, overtaking Dogecoin.
XRP outperformed the broader crypto market with a 22% gain in 24 hours, while Bitcoin and Ethereum posted modest gains.
Has Ripple CEO met Trump?
Rumors surfaced that Garlinghouse had met with Trump after Ripple's CEO mentioned the meeting, which was written by Zach Rector. Although Garlinghouse did not explicitly confirm the meeting, his participation in the post was interpreted as confirmation of his claim.
Verified ✅ #XRP pic.twitter.com/krpLrgrR2c
— Zach Rector (@ZachRector7) November 12, 2024
Garlinghouse's recent conversation with FOX Business also lends credence to speculation.
Asked about the alleged conversation with Trump in an interview with Fox Business yesterday, Garlinghouse jokingly refrained from providing specifics, prompting the anchor to interpret his response as confirmation.
Rumors of the meeting come as Trump positions himself to return to power, and there are hopes among crypto investors that the administration will be more favorable to crypto regulations, which could benefit Ripple and XRP as well as other industry businesses.
The SEC chairman may be removed
XRP's price action turned violent after SEC Chairman Gary Gensler hinted that he might step down from his role during a speech Thursday at the law firm's annual Institute on Securities Regulation.
Fox Business reporter Eleanor Terrett reports that Gensler is expected to step down after Thanksgiving and before Donald Trump's inauguration in early January.
Although Gensler's departure is not unusual, especially given historical instances of SEC chairs often leaving when a new administration takes office, crypto market participants have reacted strongly to the prospect of a leadership change at the SEC.
This opportunity is of particular importance to Ripple Labs, which has been involved in a protracted legal battle with the regulator during Gensler's tenure.
A new SEC chairman could lead to dismissals or settlements in ongoing cases against crypto companies, including Ripple Labs, Coinbase and Binance.
The regulatory outlook has also affected other digital assets, with Cardano's ADA token up 14% to $0.75 in the past 24 hours, according to CoinGecko.
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