XRP Surges 60%: Ripple CEO Praises Trump’s Treasury Pick Scott Bessent

Trump, the President-elect, has named Scott Bessent Treasury Secretary and Wall Street and crypto markets are buzzing.

Bessent is an expert in global economics and investments and has been welcomed by the financial and crypto communities.

Bessent is the founder of Key Square Group and was the point man on George Soros’ short bet against the British pound in 1992. As Treasury Secretary his views on crypto will be closely watched and early indications are he’s a pro-innovation guy.

Trump called him “one of the world’s top international investors and geopolitical strategists” which is making the markets happy.

Key Highlights:

• XRP rallied over 60% in a week, reaching $1.62.
• ADA surged 22%, surpassing $1 for the first time in months.
• Market-wide sentiment shifted bullish with Bessent’s nomination.

Ripple CEO Calls Treasury Pick “Perfect”

Ripple CEO Brad Garlinghouse tweeted out his approval of Scott Bessent. “Perfect pick” he said. Bessent could be the most crypto friendly Treasury Department ever.

Other notable crypto voices echoed Garlinghouse’s sentiment:

• Charles Hoskinson (Cardano founder): Praised the decision for its alignment with the future of digital finance.
• John Deaton (Pro-XRP Lawyer): Called for the next SEC Chair appointment to complement this pro-innovation shift.
• Jeremy Hogan: Predicted Bessent’s appointment could expedite the resolution of Ripple’s legal battle with the SEC.

This optimism comes at a time when regulatory clarity is critical for the crypto industry, and many see Bessent as a potential catalyst for positive change.

XRP and ADA Prices Rally Amid Optimism

The crypto market has responded enthusiastically to the news, with XRP and ADA leading the charge:

XRP Highlights:

• Weekly rally of 60%, hitting a high of $1.62.
• 24-hour trading volume up 22%.
• Analysts predict a short-term price target of $2.00.

ADA Highlights:

• Price rose 22% in 24 hours, breaking past $1.14.
• Trading volume surged 130%, signaling strong investor interest.
• Current price range: $0.856 – $1.14.

The market is getting excited about the possibility of pro-crypto leadership in Washington and institutional interest in digital assets.

Conclusion: A New Era for Crypto Regulation?

Bessent as Treasury Secretary is being seen as a crypto innovation moment in the US. Ripple CEO Brad Garlinghouse’s tweet and the broad industry support is the green light for regulatory progress.

XRP and ADA are up and the market is ready to ride this wave. Now we wait for the rest of the Trump administration to be filled, especially the SEC Chair which will be the final piece of the puzzle.