XRP is back trading above $1 after an impressive 89% pump this week.
Its long-term holders are now running a victory lap, with this marking the first time in years that XRP is outperforming the market.
Once Trump won the election, everything changed for the so-called ‘bankers coin.’ The lenient regulatory environment he’s expected to impose is boosting investors’ confidence.
Gary Genlser to Step Down From SEC Chair Position?
A major catalyst in XRP’s rally was the expectation that SEC Chair Gary Gensler would resign.
Meanwhile, Ripple CEO Brad Garlinghouse tweeted that he is in touch with the Trump administration’s transition team, calling it a “breath of fresh air.”
Trump is embracing crypto, which is a big sigh of relief for those who were in the SEC’s crosshairs during the previous administration’s term.
Gary Gensler gave a speech on Thursday at the 56th Annual Institute on Securities Regulation event held by Practicing Law Institute.
The SEC Chair’s closing remarks sounded a lot like a resignation speech. This is important because if Gensler left the SEC, it would signal the end of the agency’s case against Ripple for selling unregistered securities.
“Before I close, I want to say something about the SEC and its staff. It’s a remarkable agency. The staff and Commission are deeply mission-driven, focused on protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation…
It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world…
I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance.”
Gary Gensler, SEC Chairman
President-elect Trump will not have the power to fire Gensler, although he can remove him as Chair. Gensler could continue as one of five SEC commissioners, although he’d be more likely to leave and skip the embarrassment.
That’s the feeling that Gensler gave on Thursday, and the XRP price rocketed as a result.
XRP Price to Hit $5 By End Of 2024
Despite the broader market cooling off as the so-called ‘Trump Trade’ slows, XRP is commencing a bull run that gives a price target of $5 before the year ends.
Currently trading at $1.12, the token is expected to smash its current all-time high (ATH) and venture toward the new target, fueled by the bullish regulatory news and the fact that 13 million XRP tokens were burned this week.
Cross-Border Transactions Use Case Is XRP’s Main Draw
XRP is primarily a liquidity token that financial institutions can use to settle cross-border payments. Ripple has added new use cases lately, but that remains its intrinsic value.
The US’ pro-crypto stance may push XRP toward widespread adoption for cross-border payments.
If Trump embraces crypto as expected, that will set the stage for XRP to become a global force in the payments sector.
However, Ripple Labs also recently introduced its own stablecoin, RLUSD, which will be used alongside XRP.
In addition to adoption at the institutional level, thanks to a clear regulatory framework, XRP may also see adoption at a state level to help usher in central bank digital currencies (CBDCs).
XRP should probably be in every investor’s portfolio due to its unique approach to institutional and potentially even state-level adoption. With increased regulatory clarity, XRP’s bull case is strengthening.
However, investors should remain prudent and not discount the importance of diversification, ensuring they have exposure to a range of digital assets.
These Altcoins Could Also be Ready to Explode
XRP has been a frontrunner in crypto this month, but it’s important to consider the sector that has provided the most gains in 2024: meme coins.
Here are three presale meme coins that could provide the best returns in 2024.
Pepe Unchained is giving the beloved Pepe meme coin its own blockchain. They’re building an Ethereum layer 2 network that is 100x faster and far cheaper than Ethereum.
The presale is ongoing and has raised a staggering $35 million so far, but the ICO ends in 25 days, so would-be buyers must act fast.
Pepe Unchained’s ecosystem delivers all the essentials you’d expect from a top blockchain and more. Notably, it has a meme coin generator called “Pepe Pump Pad,” a block explorer, staking, a decentralized exchange, and an Ethereum bridge.
Its presale success has been fueled by countless high-ticket whale contributions, such as one amounting to $50,000 just three days ago.
Flockerz is the meme coin all about decentralization. Holders run the project via a “Vote-to-Earn” decentralized autonomous organization (DAO).
$FLOCK holders will vote on proposals, and they’ll be rewarded for their efforts with free tokens. The project has raised $2.1 million, and its presale price will rise in two days.
Crypto All-Stars introduces utility to meme coins via a unified staking app. It supports tokens from multiple blockchains and pays users $STARS rewards. To maximize their returns, users must hold $STARS, fostering a real utility-driven demand stream.
The presale has raised $4.2 million so far, showing that investors are in favor of this use case. It is currently priced at $0.0015743, but this will rise in one day.
You can purchase the tokens mentioned above using the Best Wallet app. The wallet also has a native token, $BEST, which is exclusively available to purchase via a private sale event.
