XRP has risen by 4.5% in the past 24 hours, jumping to $0.5341 as Donald Trump’s victory in the US presidential election sends the cryptocurrency market on a rally today.
The altcoin hasn’t done quite as well as some may have hoped, however, with it being up by only 2% in a week, while remaining down by 1% in a month and by 21% in a year.
Yet Trump’s victory represents a turning point for crypto and XRP, which the SEC dragged back into legal uncertainty last month when it filed an appeal against Ripple.
Not only is it likely that the SEC won’t be successful in its appeal, but Trump’s return to the White House opens the door to an XRP ETF, which could end up boosting the altcoin in the same way ETFs have done for Bitcoin.
XRP ETF Prospects Strengthen as Trump Wins Election – Will the New Administration Fast-Track Approval?
In fact, the first XRP ETF may not be too far away already, given that Grayscale filed to turn its Digital Large Cap Fund – which includes XRP – into an exchange-traded fund at the end of last month.
We have also seen 21shares file for a dedicated XRP ETF in the past couple of days, following in the footsteps of Canary Capital and Bitwise, who filed for their respective own funds at the start of October.
And now the market will likely form an expectation that the US’ regulatory stance will soften in the coming months, with the SEC potentially witnessing a change of leadership.
Donald Trump:
"Let me say it again. On Day 1, I will Fire Gary Gensler."SEND IT pic.twitter.com/eYru8pwPah
— yourfriendSOMMI
(@yourfriendSOMMI) November 6, 2024
If so, we could certainly see the SEC approving such ETF applications in a short space of time, which undoubtedly could have very positive implications for the XRP price.
For instance, Bitcoin has gained by around 65% since early January, when the first BTC ETFs launched in the US.
XRP could enjoy a similar boost, and while Ripple has seen the SEC appeal against certain aspects of the July 2023 ruling in their case with each other, a change of leadership at the regulator could be the appeal to an early bed.
This in it itself would boost XRP’s price, with its momentum today a reflection of the market’s newfound hope for the alt.
XRP’s price has surged with the market, with its 30-period moving average (orange) overtaking its 200-period average (blue), forming a golden cross that usually signals a breakout.
We can expect to see further lifts as and when the Trump administration announces policy decisions that will impact positively on the cryptocurrency industry and XRP.
XRP could reach $0.60 in the next week or so, before ending the year at around $0.80.
Presale Tokens Could Ride New Bull Market
It’s not only XRP that will benefit from a friendlier administration, but also smaller cap tokens and new presale coins, which tend to outperform the market during bull phases.
While presale tokens are a very mixed bunch, there are ways of identifying the most promising among them, with big raises being one of the most reliable.
And one token doing well right now is Flockerz (FLOCK), a new ERC-20 token that has already raised more than $1.2 million in its increasingly popular sale.
The flock is so up
it's putting us into a meditative state!
pic.twitter.com/TmWTgJ2KVm
— Flockerz (@FlockerzToken) October 30, 2024
Flockerz is the first vote-to-earn token in the market, and as such it will reward holders for participating in governance votes.
Given that every decision concerning the coin’s development will go to a community vote, this could make the token very rewarding for holders.
Owners of FLOCK will also be able to stake the token, which means they will receive two income streams from the coin.
FLOCK could therefore attract big demand, with the coin having a capped supply of 12 billion.
25% of this supply will go to staking, 25% to governance rewards, and also 20% for its sale, making it highly decentralized.
The coin’s sale will have 50 stages in all, with investors able to join now by going to its official website and connecting their crypto wallets.
They can currently buy FLOCK at a price of $0.0059571, although this will rise which each new stage.
Interested investors should therefore act quickly, so as to buy the promising new coin at the lowest possible price, before it explodes in the coming months.
Join FLOCK Now
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