The entire cryptocurrency market rose as a result of the so-called “Trump Pump.” Although it started a little slow, XRP gradually caught up and even beat it in a few instances. At one time, Ripple’s native coin surged to about $3, a monthly increase of over 420%. Following Gensler’s news of his retirement from the SEC, XRP was the best performer for weeks, but in recent days, it has settled and made a significant retracement. As a result, some analysts have advised traders to use cautious when longing the asset, stating that it may have already peaked during this cycle.
Earlier this week, XRP reached a multi-year high, surpassing SOL, BNB, and USDT to take the third spot among cryptocurrencies by market capitalization. But this is where everything began to go wrong. Before the abrupt declaration of martial law by the nation’s political authorities. A significant portion of XRP’s volume and demand came from South Korea.
After the news broke, the cryptocurrency market fell. XRP took the hardest hit, failing to recover in the following days, unlike Bitcoin and many other altcoins. Even if Trump appointed a pro-crypto SEC Chair to succeed Ripple’s rival, Gary Gensler. The cross-border coin has underperformed over the last day and lost its third-place ranking to Tether.
Paul Atkins will “bring common sense back to the agency,” according to Ripple CEO Brad Garlinghouse. He was quick to commend him as the ideal candidate for SEC leadership.
Many analysts have cautioned that XRP may have already peaked during this cycle. Since the price has corrected by about 20% since its local peak this week. Batman of Crypto warned leveraged traders to exercise caution before launching long positions. It happened after the cryptocurrency was rejected at its 5-year bearish trendline.
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