The cryptocurrency market has observed some relief in the last 24 hours as despite the bear market most virtual currencies manged to rise up , especially XRP. The third largest cryptocurrency by market cap experienced an upsurge by around 10%, within a short period of time.
The market event that happened over the weekend led to rise of all the top 10 cryptos. After the initial hike of 10%, XRP took a dip to a more stable position within the $0.45 range. Ethereum (ETH) managed to become the biggest gainer as it took a flight from its lasts week’s below $200 mark to just a few points over the $210 mark.
Trump Administration Positive for XRP
Although, the market surge is beginning to settle down, XRP is expected to observe a bull session soon. This can be ascertained by the ongoing interest towards the token both in the market and the business side of Ripple. Cory Johnson, the Ripple’s chief market strategist revealed in an recent interview with the Breaker Magazine that Ripple is in talks with Trump administration. He noted that the White House is positively supporting the company’s business ventures.
Reportedly, the key reason for the administrations interest is that it considers XRP and Ripple’s potential and concept better that the majority of the cryptos and blockchain companies currently in the market. One aversion that the administration have with other virtual currencies is that their mining is considerably concentrated in China, giving Chinese market a power to govern the space to some extent.
In regards to XRP, the trump administration considers it as native cryptocurrency and the one with the power to challenge the China’s growing industry.
Cory did not divulge the exact nature of the ‘talks,’ but he indicated that things are definitely moving towards a positive direction. This piece of information indeed appoints XRP suitable for a major bull run by the time details of the talk are made public. Moreover, a good number of institutional investors such as Standard Chattered and Santander, have collaborated with Ripple to evolve new systems like xRapid and XPring provides the perfect base for the token to take the leap.
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