XRP Price Jumps. The Crypto Has Rallied 500% Since Trump's Win. — Barrons.com
By Elsa OhlenOne of the biggest crypto gainers since Donald Trump won the U.S. election was headed higher on Monday after his inauguration.The price of altcoin XRP is up 2% over the past 24 hours in afternoon trading. Other cryptos including Bitcoin and Ether were rising too. XRP is up more than 500% since Nov. 5 and has become the third-largest crypto based on market value, behind only Bitcoin and Ether.It hit an all-time high of $3.40 Friday, spurred by rumors of its inclusion in the U.S. cryptocurrency reserve, FxPro analyst Alex Kuptsikevich said Monday. Trump has vowed to create what he calls a strategic national reserve.XRP backers are also hoping that the Securities and Exchange Commission will cease its crackdown on the crypto industry under chair Gary Gensler. In 2020, the SEC sued Ripple, the payment platform on which XRP is used to facilitate transactions, for selling an unregistered security.Trump has nominated crypto-friendly Paul Atkins to head the SEC and replace Gensler, and many hope he will drop the regulator's legal battle against Ripple. Atkins will need Senate approval before taking up the position.Trump's launch of his own meme coin over the weekend could signal his commitment to the crypto industry, although it isn't clear what the emergence of new coins will mean for existing ones. Some from within the crypto community have criticized the move. The memecoins "cost the U.S., the presidency and his family a lot of credibility," Gabor Gurbacs, crypto veteran and founder of PointsVille, a rewards-management app, said in a post on X Monday.Others have pointed to the potential conflicts of interest that the new memecoins may bring."The introduction of these coins during the presidential inauguration raises concerns about potential conflicts of interest and may undermine the dignity of the president and the first lady," Grzegorz Drozdz, market analyst at financial services firm Conotoxia, said.Write to Elsa Ohlen at elsa.ohlen@barrons.comThis content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.