Ripple CEO Brad Garlinghouse has highlighted the changing tides of crypto in the United States despite President-elect Donald Trump’s pending inauguration.
The cryptocurrency market is rallying, spurred by the “Trump effect,” as are businesses affiliated with the sector. The President-elect’s glaring embrace of nascent technological innovation has substantially improved the industry.
Garlinghouse acknowledged this stance in a recent tweet, insisting that the Trump effect is real. In a December 5 post, he added that the catalyst is “more personal” for the Ripple ecosystem amid the firm’s many regulatory impediments from the outgoing administration.
Trump Effect Steers Crypto Growth in the US
The Ripple CEO stated that Trump’s November election win has brought optimism to the crypto industry. Notably, the sector faced several roadblocks during the Biden administration, led by the outgoing Securities and Exchange Commission (SEC) boss Gary Gensler.
Garlinghouse concluded that Gensler’s SEC effectively suppressed Ripple’s growth on home soil. This analogy comes amid the years-long legal battle between Ripple and the agency over XRP’s classification as an asset class.
Meanwhile, Ripple has had a breath of fresh air since November, which is evident in the latest statistics Garlinghouse shared. He mentioned that Ripple has advanced its business scope in the United States amidst easing regulatory tension.
According to his tweet, 75% of Ripple’s open roles are now US-based. Notably, most of the fintech firm’s hires in the past four years were outside the United States.
Furthermore, Ripple has closed more business deals in the US since Trump’s November win than in the previous six months. With the trend, Garlinghouse inferred that Trump’s team and other key players have stimulated innovation and job creation within the borders of the US despite not resuming office yet.
Incoming Ripple IPO?
Although Garlinghouse had initially ruled out a Ripple initial public offering (IPO) in the United States, the changing regulatory climate could force a change of heart. For context, the CEO dashed the hopes of the XRP community when he stated that there was no chance the fintech firm would go public in the US.
Meanwhile, his tone became milder a month later when he inferred that an IPO was not Ripple’s priority. Again, he cited the tyrannical regulation in the country as a significant impediment but noted that it would consider going public if Gensler resigned.
With Gensler set to leave office on January 20, the chances of a Ripple IPO have increased substantially. However, Garlinghouse has not commented on the prospect recently.
Bullish for XRP
Meanwhile, Garlinghouse’s tweet has excited the XRP community, who insists the stats spell bullish momentum for the XRPL native token. It bears mentioning that the third-largest cryptocurrency by market cap forayed northwards since November, posting a staggering 304% upswing.
Notable analyst Ali Martinez was among those who reacted to the Ripple CEO’s tweet. He stated that XRP is the standard, mentioning an earlier commentary in which he asserted that the digital asset would target an uptrend to $11.
Other positive reactions followed the Garlinghouse tweet as enthusiasts reinstated their bullish XRP stance. Moreover, the XRPL native token posted a 14.6% weekly upsurge last week, trading at $2.4106 at the time of writing.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
