Ripple’s Expansion in the US Market
Ripple CEO Brad Garlinghouse recently announced that Ripple Labs has seen a significant increase in US-based deals in the past six weeks of 2024, following the US election. This surge in activity has been attributed to the incoming administration’s positive impact on the company.
- Increased US Deals: Ripple signed more US deals in the last six weeks of 2024 compared to the previous six months.
- Shift in Hiring: 75% of Ripple’s open roles are now US-based, a significant change from the past four years where the majority of hires were made outside the US.
In a tweet, Garlinghouse expressed his optimism about the “Trump bull market” and highlighted the company’s recent success in the US market. He credited the Trump administration for kickstarting innovation and job growth, even before taking office.
Impact on XRP
Since Trump’s victory, XRP has experienced a significant surge in value, rising over 300%. The current trading price for XRP stands at approximately $2.40, reflecting a 1.92% increase in the last 24 hours.
Ripple’s Legal Battles
Garlinghouse’s enthusiasm for the US market is particularly notable in light of Ripple’s legal challenges with the SEC. The SEC’s actions in 2020 hindered Ripple’s business opportunities in the US, leading to a lawsuit against the company and its executives.
Despite a recent court ruling that XRP is not considered a security in certain contexts, Ripple was still ordered to pay a hefty fine for violating securities laws. The company has since filed a notice of cross-appeal to challenge this ruling.
