XRP (CRYPTO: XRP) Is Surging in Tuesday's Trading

As of 11:45 a.m. ET, the cryptocurrency's price was up by 8.6% over the previous 24 hours. Meanwhile, Bitcoin was up 2.6%, and Ethereum was up 2.5%.

XRP (CRYPTO: XRP) price rose sharply on Tuesday morning as investors continued to react to the latest developments in the cryptocurrency industry. The token was trading at $0.41, which was substantially higher than the lowest level on Sunday of $0.36.

Bitcoin price was up by 2.6% and Ethereum price had risen by 2.5% in the past 24 hours. Among the top 20 cryptocurrencies, only Chainlink had risen by a higher percentage than XRP.

Pro-crypto Treasury Secretary

XRP price declined sharply on Sunday and Monday as concerns remained about DeepSeek’s R1 artificial intelligence (AI) model and the Federal Reserve’s outlook for 2025 interest rates.

However, the token bounced back as investors bought the dip and following the confirmation of Scott Bessent as Treasury Secretary for the Trump administration on Monday.

Bessent was confirmed for the role following a vote of 68-to-29. Investors are now betting that Bessent will help promote policies that will benefit the crypto industry.

XRP price dropped sharply on Sunday and Monday over concerns about DeepSeek’s R1 artificial intelligence (AI) model and the Federal Reserve’s expected approach to interest rates for 2025, but the token recovered.

In addition to traders buying the cryptocurrency on the dip, the token also got a substantial boost from Bessent’s confirmation.

Bessent has expressed support for the cryptocurrency and was already set to be working on the crypto advisory group that President Trump created through an executive order last week.

Bessent and the other members of the group aim to create a clear regulatory framework for cryptocurrencies and limit the potential for legal issues in cases where rules have not been clearly outlined. He will be the top financial advisor within the Trump administration, and some investors are hoping that he will help create a bullish environment for XRP and other cryptocurrencies.

What’s Next for XRP?

With President Trump issuing executive orders, key cabinet positions being filled, and new policy initiatives being put forward, the landscape for the crypto industry has seen some rapid shifts this month.

In general, things seem to be moving in favorable directions for XRP.

Notably, President Trump’s son Eric reportedly floated a policy proposal that would see XRP and other U.S.-originated cryptocurrencies become exempt from capital gains taxes. Bessent could help push that policy along, and XRP’s token price could wind up seeing big gains if such a tax standard were to be adopted.

Even if capital gains taxes for XRP aren’t suspended, it looks like the token could see other significant benefits in conjunction with the new Trump administration.

Trump is reportedly considering XRP for inclusion in a proposed national digital asset reserve. With a change in leadership at the Securities and Exchange Commission, it’s also possible that a securities violations case against Ripple Labs (the creator of the XRP token) will be dropped.

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