'Trump Effect' on US-Based Ripple Labs as XRP Gains, But Did He Endorse the Cryptocurrency?

Late on Tuesday, the 45th and 47th U.S. president took to Truth Social to share a CoinDesk article titled, "Donald Trump Effect Bumps Ripple Labs U.S

The price of XRP surged on Wednesday after U.S. President Donald Trump shared a CoinDesk article on Truth Social about the token's performance amid Trump's presidency.

At one point, the XRP Ledger's native cryptocurrency traded at around $2.74, outperforming other top cryptocurrencies and showing a 10.4% gain in the past seven days.

The surge came as XRP users were excited that the president "mentioned" Ripple, the largest holder of the XRP coin, and shared the article without any commentary.

However, XRP's gains were short-lived and quickly reversed later on Wednesday. According to CoinGecko, XRP is now trading at around $2.61, showing a 7-day gain of about 7.7%.

The CoinDesk article, titled "Donald Trump Effect Bumps Ripple Labs U.S. Deals, XRP Gains," highlighted the company's increased local deals and hiring following Trump's 2024 presidential victory.

The article also included quotes from Ripple CEO Brad Garlinghouse, who attributed the "Trump effect" to the Administration's focus on crypto.

"The 'Trump effect' is already making crypto great again – through his campaign, and in the Administration's day 1 priorities," Garlinghouse said.

notably, Trump has only ever officially endorsed the World Liberty Financial (WLFI) token and his own meme coin, Official Trump (TRUMP).

The XRP Army, a group of dedicated XRP holders, celebrated the news and shared about the development on X.

One well-followed figure in crypto, The Bearable Bull, said he expects to see XRP prices hitting $8 following what some in the XRP Army called an "endorsement" of XRP by the president himself.

Meanwhile, XRP outperformed all other Top 10 cryptocurrencies on CoinGecko in the last seven days, which could also be attributed to the SEC's approval of proposed spot XRP exchange-traded funds (ETFs).

In seven-day charts of the world's Top 10 crypto assets by market capitalization, XRP is the only digital coin in the green.

To compare, Bitcoin is down nearly 1% in the week, while XRP saw a 10.4% gain in the same period. Ethereum was slightly making progress in the last seven days, with a 0.1% spike, while Cardano is down 1.8%.

BNB bled 6.3% in the past week, and Solana (SOL) shed a significant 13.1%.

XRP is the world's third-largest crypto token by market cap. In terms of prices, the digital asset is still far from reaching Bitcoin, but many XRP holders believe greater regulatory clarity under Trump could boost the token's price to reach new all-time highs.