XRP Jumps 8% as Bitcoin Recovers to $96K Amid Broader Market Uptick 

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Jai Pratap

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Jai Pratap

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Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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November 29, 2024 02:34 EST

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XRP token surged over 8% in the last 24 hours, trading at $1.67, outperforming Bitcoin and other major altcoins. The leading cryptocurrency also settled above $96,000 after a correction to $91,000 earlier this week.

Meanwhile, Ether (ETH), Solana’s SOL, and BNB showed minimal movement, while Cardano’s ADA rose by 3.5%, and Dogecoin (DOGE) slipped 1.2%. Alogrand (ALGO) and Worldcoin (WLD) rose more than 15% in the last 24 hours, as per Coingecko data.

XRP Sees Renewed Optimism

XRP has been witnessing renewed optimism since Donald Trump’s victory in the US elections. The US SEC chair Gary Gensler, who led the charge against Ripple, is set to leave office, boosting the community’s hope. The lawsuit against Ripple could finally come to an end with the US SEC set to be led by a more pro-crypto chairman under Trump’s presidency.

Global asset manager WisdomTree, with over $113 billion in assets under management (AUM), registered an XRP ETF in Delaware on Monday. Following the registration, the asset manager is expected to file an S-1 with the US SEC, giving a boost to the XRP price this week.

As reported earlier, Ripple announced the rollout of a tokenized money market fund on the XRP Ledger in collaboration with UK digital asset exchange Archax and asset manager Abrdn plc.

XRP Ledger meme coins have also become increasingly popular, due to the blockchain’s low fees, scalability, speed, and environmentally friendly infrastructure.

Bitcoin $100K Rally Stalls After Traders Lock-In Profits

Bitcoin faced some profit-taking last week after falling short of the much-anticipated $100,000 mark. However, losses were tempered by optimism surrounding Trump’s key regulatory appointments, which signal a potentially more industry-friendly approach.

As reported earlier, Trump could potentially move the regulatory oversight of crypto from the SEC to the Commodity Futures Trading Commission. Trump also announced to nominate pro crypto hedge fund executive Scott Bessent as his Treasury Secretary.