Ripple Labs is shifting its focus toward the U.S. market in response to the so-called “Trump effect,” which is believed to be making the crypto space more favorable in the U.S. With Donald Trump’s expected presidency, crypto firms based in the U.S. are already seeing an uptick in business.
Ripple, a financial services company that provides payment solutions and the RLUSD stablecoin on the XRP Ledger, is reporting an increase in local deals and hiring efforts ahead of Trump’s inauguration on January 20. The company attributes its growth to the promises made by the incoming administration.
Brad Garlinghouse, Ripple’s CEO, posted on X, “2025 is here and the Trump bull market is real. For Ripple, this is especially significant after the SEC, under Gensler, effectively froze our business opportunities in the U.S. for years. The optimism is palpable and well-deserved.”
Garlinghouse also noted that Ripple has signed more U.S. deals in the last six weeks of 2024—following the election—than in the previous six months combined. He emphasized that the “Trump effect” is already benefiting the crypto sector, particularly through the administration’s early priorities and campaign promises.
Ripple has shifted its hiring strategy, now focusing almost exclusively on the U.S. market, a significant change from its offshore expansion during the previous Biden administration. Garlinghouse stated that 75% of the company’s open roles are now based in the U.S. As part of its support for Trump’s inauguration, Ripple has also pledged $5 million worth of XRP tokens.
Since Trump’s election, traders have speculated that a crypto-friendly administration would favor U.S.-based crypto companies like Ripple Labs (which is associated with XRP) and Uniswap (UNI), as these firms are more directly involved in creating value for token holders.
XRP has seen a significant increase, with its price rising over 300% since Trump’s victory, outperforming other major cryptocurrencies. This growth has been largely attributed to the positive U.S. market narrative.
XRP’s upward momentum continues, with the token surging by more than 11% last week, driven by $1.3 billion in trading volume on Upbit, a South Korean exchange. High trading volumes on South Korean exchanges are often seen as a precursor to price volatility, generally with a positive bias.
As of Monday afternoon in Asia, XRP was trading just above $2.40, largely unchanged over the past 24 hours, in line with the broader market trend.
