After Trump's victory, the market's expectations for Trump's previous promises on encryption policy have increased significantly, driving the encryption market into a new round of bull market. Additionally, in Trump's previous promises, one was to "fire SEC Chairman Gary Gensler on the first day in office", and this promise has been indirectly fulfilled recently, as Gary Gensler has announced that he will step down in January 2020.
As a result, many cryptocurrency projects that have been embroiled in disputes with the SEC have begun a celebratory rally, with the long-disputed XRP (XRP) performing the most impressively. According to Coingecko data, since the US election, the XRP price has soared from $0.55 to $1.8, a staggering 225% increase, with a 24-hour gain of 16.4%.
It is worth noting that due to the sharp rise in XRP yesterday (29th), its market capitalization has now reached $101.9 billion, surpassing BNB's $94.6 billion, making it the fourth-largest cryptocurrency by market cap.
Is off-chain deployment the key to a soaring rally?
Although the departure of SEC Chairman Gary Gensler can indeed inspire the relevant tokens to rise, the XRP rally has indeed exceeded market expectations, which inevitably makes the author speculate that perhaps Ripple's extensive off-chain cooperation with national and corporate partners has led to the continued rise of XRP.
- According to Fox Bussiness, citing informed sources, the New York Department of Financial Services (NYDFS) has informed Ripple today (30th) that it will approve its new stablecoin product RLUSD, which is scheduled to be launched on December 4th. If approved as expected, RLUSD will be legally allowed to be offered to the public.
- Ripple acquired the Swiss digital asset custodian Metaco for $250 million at the end of May 2023, and completed the acquisition of the New York digital asset custodian Standard Custody & Trust Company in June this year. According to Ripple's announcement, these two acquisitions highlight the importance and increasing breadth of digital assets, covering everything from stablecoins and central bank digital currencies (CBDCs) to tokenized real-world assets (RWAs) such as stocks, bonds, commodities, and real estate.
- In mid-May 2023, Ripple announced the launch of a CBDC platform for central banks and institutional clients. According to the Businesswire press release, the Ripple CBDC platform aims to solve a variety of use cases, including private transactions, wholesale or issuance of stablecoins, etc. At the time, the President of the Republic of Palau, Surangel Whipps Jr., gave a very high evaluation of Ripple.
- According to a Cointelegraph report in April this year, the Japanese financial giant SBI Group will become the first Japanese company to use the XRP Ledger blockchain supply chain solution, which is also part of Ripple's efforts to promote enterprise solutions in Japan. Additionally, according to Haskey DX's Andy Dan, the good track record, settlement speed, low cost, and scalability of XRPL are key indicators for building supply chain finance solutions.
The author believes that perhaps Ripple's previous excellent performance in international cooperation, coupled with the clearing of the SEC lawsuit, has led institutions to start pouring into XRP, and as for the meme coin season, perhaps it will start from these high-market-cap old coins that have withstood the test of time.
Binance's meme coin strategy not as effective as expected
On the other hand, as this bull market is unusually dominated by meme coins, Binance has also changed its market strategy, and from Binance's recent coin listings, it seems to be leaning towards the meme coin sector, such as the previous GOAT, ACT, PNUT, CHEEMS, WHY..., and the BSC ecosystem also intends to create a thriving meme coin ecosystem, but both have been somewhat disappointing.
In terms of exchange listings, from the listings of ACT and PNUT, it can be seen that the meme coin craze at the time was led by Binance, as even small-cap tokens like ACT could be listed on Binance's spot market, further fueling market expectations that other tokens with higher market caps would also likely be listed on Binance's spot market. However, subsequently, several popular tokens were only listed on Binance's futures market, and $BAN, $CHEEMS, $WHY directly crashed after being listed on the futures market, which has put Binance's meme coin listing plan in a dilemma.
As for the BSC ecosystem, since the aforementioned meme tokens $CHEEMS and $WHY originated from the BSC chain, the market has added some concerns about the meme coin ecosystem of the BSC chain, coupled with the fact that there are many MEV bots (front-runners) on the BSC chain that will arbitrage when users buy tokens, resulting in a poor user experience on the chain, and this situation has also seriously hindered BSC's plan to create a thriving meme coin ecosystem.
