The crypto market is buzzing with anticipation as Donald Trump prepares to take office, and few companies are feeling the boost quite like Ripple Labs. The San Francisco-based fintech firm, best known for its XRP token and cross-border payment solutions, is reporting a flood of new U.S. deals and a hiring spree focused on its home turf—a stark contrast to its international expansion under the regulation-heavy Biden administration.
The Trump Effect Takes Hold
Ripple CEO Brad Garlinghouse took to X (formerly Twitter) to tout what he calls the “Trump effect” on his business and the broader crypto industry. In a series of posts on Sunday night, Garlinghouse pointed to a flurry of U.S. deals signed in the wake of November’s election, outpacing the company’s domestic activity from the previous six months combined.
We signed more US deals in the last six weeks of 2024 (since the election) than the previous six MONTHS. Say what you want, but the “Trump effect” is already making crypto great again – through his campaign, and in the Administration’s day 1 priorities.
– Brad Garlinghouse, Ripple CEO
The optimism is palpable at Ripple, which bore the brunt of the SEC’s legal challenges against crypto under Chair Gary Gensler. With Trump signaling a more business-friendly approach, Garlinghouse says the company is going all-in on its U.S. presence.
Doubling Down on Domestic Talent
No longer content to build its team overseas, Ripple is refocusing its recruiting efforts squarely on the States. According to Garlinghouse, a whopping 75% of the company’s open positions are now based in the U.S.—a seismic shift from just months ago.
It’s a bold bet on the incoming administration’s pro-business bonafides, and one that Ripple is backing up with its wallet. The company has reportedly pledged $5 million worth of XRP to Trump’s inauguration fund, a clear signal that it sees a friend in the Oval Office.
XRP Rides the Trump Train
Ripple’s native token, XRP, has been on a tear since Trump clinched the election, surging over 300% as traders bet on a resurgence of U.S.-based crypto projects. The token’s fortunes have been closely tied to Ripple’s legal battles, and the prospect of a lighter regulatory touch has investors piling in.
The rally hasn’t been confined to U.S. shores, either. In a phenomenon that CoinDesk analysts have dubbed the “Kimchi premium,” XRP trading volumes on Korean exchanges like Upbit have exploded, driving outsized price gains. Over $1.3 billion worth of XRP changed hands on Upbit alone last week, dwarfing activity on other platforms.
A Rising Tide for U.S. Crypto?
Ripple isn’t the only crypto player looking to ride the Trump wave. Industry insiders say the “Trump effect” could boost tokens associated with U.S.-based projects like Uniswap’s UNI as regulatory uncertainty clears and capital flows back into the market.
Whether the Trump administration can live up to the hype remains to be seen, but for now, the mood in the market is undeniably buoyant. And if Ripple’s experience is any indication, the “Trump effect” may be more than just a catchy phrase—it could be the key to unlocking crypto’s next bull run.
