Growing speculation of a potential spot XRP ETF is one of the factors driving the surge, one crypto analyst said.

A “descending triangle” pattern in technical analysis points to bigger gains for the top-performing major token.

“We think, especially with the administration change, the approvals of those filings will accelerate,” Ripple president Monica Long said.

This shift in focus towards the US market is part of Ripple’s response to the “Trump effect,” which is believed to be making crypto more favorable in the US.