XRP Surges to 3rd Place, Up 370% Since Trump’s Win, as Ripple’s RLUSD Gets Ready for Dec. 17 Launch
2024-12-17
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XRP, the cryptocurrency associated with Ripple Labs, has firmly positioned itself as one of the top-performing assets of 2024, with CNBC describing it as the “biggest winner of the Trump trade.” 
XRP is the biggest winner of the Trump trade but investors are split on how far its rally can run https://t.co/6c6xshZB2D
Since Donald Trump’s victory in the 2024 U.S. presidential election, XRP’s price has surged 370 percent as investors anticipate a more favorable regulatory environment under the new administration. 
At the time of writing, XRP is trading at $2.51, marking a 4.0 percent gain in the last 24 hours and a 6.0 percent increase over the past hour. Its market capitalization has soared to $144.30 billion, solidifying XRP’s position as the third-largest cryptocurrency behind Bitcoin and Ethereum.
While this milestone is noteworthy, it remains below XRP’s all-time high of $3.40, recorded on January 7, 2018.
Throughout most of 2024, XRP traded sideways with minimal volatility. From February through October, the price fluctuated below $0.80 as the crypto market struggled with regulatory uncertainty and reduced liquidity. However, the landscape shifted dramatically in late October when investors began pricing in expectations of a more crypto-friendly U.S. government under Trump’s leadership. XRP’s breakout in early November triggered a sharp, sustained rally, driving prices close to multi-year highs.
A major catalyst for XRP’s rally has been growing optimism around U.S. regulatory changes. With Trump’s return to the White House, expectations are mounting for a shift toward a more crypto-friendly environment. Since his victory, Trump has named several pro-crypto individuals to key positions in his administration, further bolstering market sentiment. David Sachs, a venture capitalist and former PayPal COO, has been appointed as the White House’s Crypto and AI Czar, signaling an increased focus on digital assets and emerging technologies. Additionally, Scott Besant has been selected as the Treasury Secretary, while Paul Atkins, a long-time advocate for lighter crypto regulation, has been nominated as the new SEC Chair.
Atkins’ nomination is particularly significant for Ripple Labs and XRP. The SEC’s ongoing lawsuit against Ripple, which alleges XRP is an unregistered security, has been a long-standing overhang on the asset’s price. Investors are hopeful that a more lenient SEC under Atkins’ leadership could resolve or even drop the case, clearing the way for broader XRP adoption.
Adding to the bullish sentiment, Ripple announced on December 16, 2024, that its much-anticipated stablecoin, RLUSD (Ripple USD), will launch globally on December 17, 2024. RLUSD is designed as an enterprise-grade stablecoin pegged 1:1 with the U.S. dollar. It aims to enhance institutional liquidity, trust, and compliance within Ripple’s ecosystem.
Ripple confirmed that RLUSD will initially be available on several major platforms, including MoonPay, Uphold, CoinMENA, Bitso, and Archax, with additional partners to follow. The stablecoin will debut on both the XRP Ledger and Ethereum blockchain, ensuring broad accessibility and interoperability.
Ripple CTO David Schwartz previously cautioned the community about potential supply shortages in RLUSD’s early days, which could lead to temporary price volatility. He reassured users that any short-term deviations would stabilize quickly, as arbitrage mechanisms bring RLUSD’s value back to its intended $1 peg. Schwartz emphasized that the stablecoin’s core purpose is to maintain price stability, warning against irrational speculative behavior.
XRP’s price surged immediately following Ripple’s RLUSD announcement, reflecting heightened optimism about its role in Ripple’s growing ecosystem. Some XRP community members speculate that RLUSD could indirectly drive demand for XRP, particularly as the stablecoin enhances liquidity and adoption for institutional cross-border payments.
With XRP already up 370 percent since Trump’s election victory and now trading above $2.50, investors are watching closely to see whether this rally can reclaim XRP’s all-time high of $3.40.
XRP’s strong price performance in 2024 has been fueled by multiple factors: renewed regulatory optimism under the Trump administration, the anticipated resolution of Ripple’s legal challenges, and growing excitement surrounding RLUSD. As the stablecoin launches and institutional adoption gains momentum, Ripple’s ecosystem appears well-positioned to capitalize on this wave of enthusiasm.
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