Why did Ripple (XRP) price explode to an 8-month high above $0.7?

The bull rally that was induced and fueled by Donald Trump’s victory in the 24th US presidential election last week seemed to have lost Ripple’s native token, at least until today.

XRP managed to chart some gains last week, but it was nothing compared to the massive price increases seen by Bitcoin, Cardano, Dogecoin, Shiba Inu and many others.

XRPUSD. Source: TradingView

The landscape for XRP, which lost some ground to DOGE in the top 10 digital assets by market cap earlier this week, has changed today, with a substantial increase that took it from under $0.6 to $0.741 (on Bitstamp). This was the highest price the cryptocurrency has seen in exactly eight months.

The crypto community rejoiced at the rally, many of which had been expecting it, and began tweeting celebrations with even more impressive predictions.

⚠️ XRP ROUTE ALERT

Preparing the launchpad… ‍

$XRP it is attempting a break above $0.65, which will trigger a rally to $0.90, the level that initiates the touch.

Patience pays ♂️ pic.twitter.com/xQCQWQaFPe

— CRYPTOWZRD (@cryptoWZRD_) November 12, 2024

The reasons for this increase could be multiple. On the one hand, XRP might be late to the party started by Trump, joining the bandwagon a week late. It seems like a simple enough explanation, since there is no obvious advertisement of the company behind it.

However, it can also be attributed to somewhat speculative rumors surrounding X. A popular author covering financial markets recently published that Ripple CEO Brad Garlinghouse had followed in the footsteps of Cardano’s Charles Hoskinson and indeed s ‘had met with Trump or someone in his next administration to discuss it. a potential regulatory framework around cryptocurrencies.

While there has been no official statement from Garlinghouse, the author, Zach Rector, posted a tweet indicating that Ripple’s chief executive had liked his initial post, which he believes is confirmation enough.

Confirmed ✅ #XRP pic.twitter.com/krpLrgrR2c

— Zach Rector (@ZachRector7) November 12, 2024

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