Author: Yangz, Techub News
For XRP investors, the market performance yesterday was nothing short of exciting.
In the morning, the US SEC filed an appellate statement against Ripple, requesting the appeals court to re-evaluate the securities law ruling. Although the Ripple team immediately responded, stating that "the appeal is a restatement of failed arguments and is unlikely to be adopted by the new administration", XRP still plummeted about 6.5% within half an hour, falling below 3 USDT. Thereafter, XRP hovered between 3 USDT and 3.1 USDT.
Around 7 pm, a report from the New York Post ignited the XRP market. The report stated that the incoming new president, Trump, is open to establishing a "America First" cryptocurrency reserve, and specifically mentioned SOL, USDC and XRP. As a result, SOL rose to 217 USDT, up over 8% in 2 hours, while XRP surged nearly 10% in 2 hours, reaching 3.4 USDT in the early morning, a new all-time high in 7 years.
However, these two "confrontational" news items have also sparked speculation within the industry, with many investors seeing the New York Post's report as a plan orchestrated by the Ripple team.
Similar to the New York Post, the New York Times also released a related report yesterday, stating that Ripple CEO Brad Garlinghouse had encouraged Trump to include cryptocurrencies other than Bitcoin in the federal government's potential cryptocurrency reserve during a dinner at Mar-a-Lago. However, the media did not mention whether Trump "accepted" this idea.
Furthermore, an Axios report on Wednesday, citing sources within Trump's campaign team, mentioned Trump's rebuke of a representative of an unnamed company: "You made so much money last year, and now because of me, you'll make even more... But when I need you, where are you? You're not with me, maybe you're with 'Harris'."
Although Axios did not specify the name of the company, two sources told Unchained that this conversation was with a representative of Ripple. This speculation is not unfounded, as during last year's election, Ripple made massive donations to the cryptocurrency political action committee (PAC) Fairshake, while its co-founder Chris Larsen also donated millions of dollars to the political action committee Future Forward USA, which supported Harris.
According to Unchained, after publishing the "questioning" report, Ripple Labs' senior communications manager, Susan Hendrick, denied the above "rumors" by email, but did not specifically explain whether Ripple was the source of the information to the New York Post about Trump "accepting" the XRP reserve, or whether the company mentioned in the Axios report was Ripple. Additionally, the Trump-Pence transition team did not respond to requests for comment.
Whether this is a deliberate plan by the Ripple team or a real event is currently unknown. But in my view, the pursuit of this question is not really necessary. Regardless of the authenticity of Trump's intention to establish a "America First" cryptocurrency reserve, if Ripple did orchestrate the New York Post report, it could be seen as a resolute counterattack by the team against the "water ghost behavior" of the current US SEC before it steps down. Such team-driven positive news is not uncommon in the industry. And if the XRP price breakthrough is not driven by Ripple's own planning, this rise may also be realized after Trump officially takes office.
In fact, since Trump's election victory announcement, XRP has been steadily rising. According to a recent Reuters report, the new US SEC leadership team plans to push forward cryptocurrency policy reforms immediately after Trump takes office. Given the various positive regulatory news, investors have high expectations that Ripple will end its struggle with the US SEC. Google Trends also shows that the search popularity of XRP has surpassed Bitcoin globally in recent days.
From a macro perspective, with only 3 days left before Trump takes office, the overall market trend of cryptocurrencies has become a focus in the industry. On this topic, I would like to quote the views expressed by Placeholder partner Chris Burniske yesterday as a conclusion. Burniske stated that we may break the simple four-year cycle. With the support of the new US government, the returns on cryptocurrency assets in the next few years may not see parabolic growth, but rather a more stable growth. In addition, mainstream assets are unlikely to experience extreme drawdowns of 85-95% again.
How do you all view the upcoming market trends?
