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XRP community hopeful as Trump win boosts ETF outlook

XRP community hopeful as Trump win boosts ETF outlook

GrafaGrafa2024/11/07 07:37
By:Liezl Gambe

The XRP community is optimistic that Donald Trump’s re-election as U.S. President will pave the way for a more favorable regulatory landscape for cryptocurrencies.

This could potentially lead to the approval of an XRP (CRYPTO:XRP) spot ETF and the resolution of Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).

Ripple CEO Brad Garlinghouse expressed his support for immediate reforms on social media platform X, congratulating Trump and outlining a "first 100-day checklist" focused on crypto regulation.

Garlinghouse emphasised the importance of replacing SEC Chair Gary Gensler, advocating for crypto-friendly figures such as Christopher Giancarlo or Brian Brooks as possible successors.

He highlighted that leadership changes could bring clarity to XRP’s regulatory status, benefiting investors and opening the door to potential ETF approvals.

Trump’s promises during his campaign to establish the U.S. as a "crypto capital" have further fueled hopes within the XRP community.

He has previously criticised Gensler’s stringent approach, which has led to several lawsuits against crypto firms, including Ripple’s high-profile four-year battle with the SEC over unregistered XRP sales.

Investors are keen to see whether Trump’s administration will deliver on its crypto-friendly rhetoric and bring long-awaited regulatory changes.

The resolution of the Ripple-SEC lawsuit remains a top priority, alongside the approval of XRP-focused ETFs.

However, actual progress may hinge on the appointment of a new SEC Chair and possible administrative delays until Trump officially takes office in January.

Ripple (XRP) has responded positively to these developments, with its price climbing 6.19% in the past 24 hours and 8.41% over the past week to reach $0.5661, according to CoinMarketCap.

At the time of writing, the XRP price was $0.5577.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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