XRP Rallies 7% as US Election Results Seem to Favor Donald Trump

XRP rallied by nearly 7% in the past 24 hours from a $0.5064 low to a $0.5418 high as the ongoing US election seems to be turning to former President

After rallying by nearly 7% in 24 hours, XRP remained within the $0.54 range on Wednesday morning (UTC) as the ongoing US election seems to be turning to former President and current Republican nominee Donald Trump’s advantage.

XRP rallied from a low of $0.5064 to a high of $0.5418 in 24 hours. XRP's trading volume soared by 78% as approximately $1.80 billion worth of the digital asset moved between wallet addresses.

At the time of writing, XRP's price had risen by 2% in a week and remained almost unchanged in a month. It was also down by more than 20% from last year. At this rate, XRP is still down by 85% from its all-time high of $3.84 seven years ago.

After beginning to spiral down to sub-$1 per coin in May following a peak of nearly $2 a month prior, which coincided with what experts in the field considered the collapse of the crypto bubble—prompted by Elon Musk halting BTC payments in Tesla, China banning crypto and regulating it further in key markets, and the US SEC suing Ripple—XRP's price troubles worsened.

In its third-quarter report this year, Ripple said the SEC case was the biggest factor suppressing XRP's price.

As of 8:30 AM UTC, CNN's unofficial tally showed that Trump only needed four electoral votes to seal his victory against Vice President Kamala Harris. This brought some hope for a crypto-friendly regime in the next few years.

During this election cycle, Trump voiced his support for Bitcoin and the broader cryptocurrency sector. Among his promises were turning the US into a “Bitcoin mining powerhouse” and the “crypto capital of the planet.” Another that would favor Ripple and XRP was his vow to fire SEC Chair Gary Gensler, who has been a thorn in the side of crypto-related businesses operating in the US.

One of the prospective replacements for Gensler was SEC Commissioner Hester Peirce, who is known as “Crypto Mom” in the cryptocurrency community for her support of the sector. If appointed, crypto stakeholders expected her to abandon the agency's cases that were part of its “regulation by enforcement” approach, which victimized many institutions—such as Ripple, Coinbase, and Binance—and was started by Trump-nominated former SEC Chair Jay Clayton and carried over by Gensler.