- XRP surges 7.60% amid Trump’s win and Ripple’s potential Dirham-backed stablecoin.
- Trump’s re-election sparks optimism for clarity on crypto regulation in the U.S.
- Ripple eyes UAE as Dirham-backed stablecoin plans gain momentum in digital finance.
XRP skyrocketed by 7.60% within the week due to Donald Trump’s victory and Ripple’s possible partnership with the United Arab Emirates to release a Dirham-pegged stablecoin. As analysts expect Trump’s administration to introduce a favourable crypto regulatory framework, XRP, aligning with the broader market’s bullish trend, exhibits a positive response.
Garlinghouse on Trump’s Win
Brad Garlinghouse, CEO of Ripple, shared his thoughts on these developments in an interview with the BBC. He also added that he expected Trump’s leadership to foster the right environment for growth in the digital assets industry. Garlinghouse also highlighted that other nations, such as Japan, the United Kingdom, and the UAE, have provided supportive crypto policies. He said this has helped those regions promote innovation and investment attraction.
For the crypto industry, Trump’s victory is considered the right turn. XRP investors seem optimistic, expecting a friendlier approach from U.S. regulators toward digital assets. Ripple has faced regulatory issues in the U.S., especially in its ongoing legal battle with the Securities and Exchange Commission (SEC).
Ripple Eyes UAE Expansion
Meanwhile, Ripple’s expansion in the UAE has added to XRP’s upward trend. The Central Bank of the UAE recently introduced a framework for stablecoins. This new regulation is a step toward making the UAE a leader in digital finance. Ripple’s potential launch of a Dirham-backed stablecoin would be a significant move. Such a coin would support secure and efficient payment solutions in the region, particularly appealing to the UAE’s growing digital economy.
Projected to reach $3T in the next five years, stablecoins are driving a new era of digital finance. The UAE's forward-thinking regulations for dirham-backed and global stablecoins solidify its role as a leader in the digital economy. https://t.co/tX7QJZ0RVC
— Ripple (@Ripple) November 8, 2024
The UAE is also keen on building a favourable climate specifically for the execution of businesses relating to cryptocurrencies. Specifically, the recent regulations from the Central Bank support both Dirham-backed and foreign currency-backed stablecoins. That makes UAE quite progressive when it comes to Fintech, placing the nation with other frontrunners when it comes to Fintech adoption. This new framework will allow Ripple to access a region with lucrative interest in crypto innovation and certainty. As of press time, XRP is trading at $0.5517, showing a 0.12% increase over the past day.
Ripple CEO Sees Optimistic Future: XRP Bull Run Ahead?XRP’s future looks bright, with analysts suggesting it could hit new highs. The combination of Trump’s re-election and Ripple’s UAE expansion could sustain XRP’s growth in the coming months. Should Ripple successfully launch its Dirham-backed stablecoin, XRP may find itself at the forefront of the crypto industry, benefiting from favorable U.S. and UAE policies.
