Cryptocurrency A to Z
Trump’s Second Administration
Resolution of Dispute with US SEC Expected
Whales Concentrate on Buying Ripple
Holdings Surge by 37% in Two Months
Ripple’s price has surpassed $3 for the first time in 7 years. This is due to growing expectations for the resolution of legal risks ahead of the inauguration of the cryptocurrency-friendly U.S. President-elect Donald Trump.
According to the cryptocurrency market platform CoinMarketCap on the 19th, Ripple surpassed $3 on the 16th. It is the first time Ripple has exceeded $3 since January 2018. Ripple even surpassed $3.4 on the 17th.
-Recently, the open interest in Ripple futures also hit an all-time high in 7 years. This indicates an increase in new buyers of Ripple. As investors’ interest surged, Ripple’s Google Trends index even surpassed Bitcoin last week. In this regard, global virtual asset analysis firm Santiment recently analyzed that “whales (large investors) are buying Ripple,” and “the amount of Ripple held by whales has increased by more than 37% in the past two months.”
The surge in Ripple’s price is due to the ‘Trump effect.’ Above all, there is analysis that the legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) is likely to be resolved during Trump’s second administration. Ripple has been in a legal dispute with the SEC over allegations of securities law violations since 2020.
However, with the launch of Trump’s second administration, the SEC chairman will be replaced by Paul Atkins, a former SEC commissioner classified as ‘pro-cryptocurrency.’ This context is also behind Ripple’s Chief Legal Officer (CLO) Stuart Alderoty’s recent statement that “(the lawsuit with the SEC) is likely to be dismissed in the next administration.” Last month, U.S. authorities also approved the new stablecoin RippleUSD issued by Ripple.
Expectations for the approval of a Ripple spot exchange-traded fund (ETF) are also growing. The market believes that the SEC is likely to choose Ripple as the next cryptocurrency spot ETF after Bitcoin and Ethereum within the year.
Belgium
