XRP (CRYPTO: XRP) cryptocurrency has been on a huge winning streak lately. As of this writing, the token's price has surged 268% over the last year. Even amid the backdrop of a strong bull run for cryptocurrency, that's an impressive performance.
XRP's incredible performance over the last year was really driven by a late-stretch valuation surge it saw following Donald Trump's victory in the presidential election. While the cryptocurrency has already seen impressive gains in conjunction with shifting political winds, its rally on the heels of related catalysts could just be getting started.
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XRP is on the verge of unprecedented conditions
So far, it looks like the new Trump administration will deliver an unprecedented level of support for the crypto industry. Along those lines, the president-elect has already named David Sacks as his administration's artificial intelligence and cryptocurrency czar. Sacks has broadly called for looser regulations in the crypto space and is seen to be a bullish proponent for the crypto market.
In conjunction with the change in administration, Securities and Exchange Commission (SEC) chairman Gary Gensler will be stepping down from his role. Trump has named former SEC Commissioner Paul Atkins as his choice to succeed Gensler, and the move could be very bullish for XRP. Not only is Atkins viewed as favorable to the crypto industry at large, there seems to be a good chance he will drop the legal case the SEC brought against Ripple for allegedly treating XRP as a security.
With a market cap of roughly $138 billion as of this writing, XRP is now the fourth-largest cryptocurrency by market capitalization and trails behind only Bitcoin and Ethereum. In the crypto space, brand strength is very important -- and valuation success often begets more success.
If the SEC's case against Ripple and its XRP cryptocurrency is finally resolved, the token could still have plenty of upside ahead. With regulatory risk and uncertainty potentially being taken off the table, XRP could surge over the next four years of the new Trump administration.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin, Ethereum, and XRP. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
