Billionaire investor Donald Trump sparks XRP price surge with a share of an article on Truth Social, fueling speculation about the cryptocurrency’s potential as a reserve currency.
Trading volume for XRP has seen a significant increase, rising by 26% to $5.5 billion in the past 24 hours.
The post comes after bullish sentiment around XRP linked to a potential ETF approval and the Department of Government Efficiency’s (DOGE) move against the Securities and Exchange Commission (SEC).
Donald Trump Shares CoinDesk Article on Truth Social
U.S. president Donald Trump shared an article about XRP‘s increase in U.S. deals on the Truth Social platform, generating 6.3K likes and 268 replies. The majority of users expressed excitement and speculation around XRP‘s potential, with some calling for it to become the currency that underpins a potential U.S. crypto reserve.
During his presidential campaign in 2016, Donald Trump expressed support for cryptocurrency and blockchain technology.
In a speech, he mentioned that the US should have its own digital currency to compete with other countries.
However, there is no public record of him specifically mentioning or endorsing XRP.
Trump's administration did issue a report on blockchain and cryptocurrencies in 2020, highlighting their potential benefits.
The article published by CoinDesk in January revealed how Ripple CEO Brad Garlinghouse experienced an uptick in U.S. deals and hiring efforts following Donald Trump‘s election victory in November. Although XRP remained fairly muted at $2.53 after the post, the increased trading volume suggests that investors are taking notice of the potential developments surrounding the cryptocurrency.
Bullish Sentiment Around XRP
The post comes as the SEC acknowledged a filing by the New York Stock Exchange and Grayscale last week, which could lead to an approval for an XRP exchanged traded fund (ETF) this year. This development, combined with the DOGE‘s move against the SEC, has sparked optimism among XRP investors.
However, it is essential to note that nothing published by CoinDesk constitutes an investment recommendation, and readers should perform their own independent research before making any financial decisions.
