Key Insights
- Ripple is expanding U.S.-based job positions due to optimistic feelings about the Trump administration's policies, perceived as beneficial for innovation and job generation in the U.S.
- The company signed more U.S. contracts in the last six weeks of 2024 than in the previous six months, indicating a noticeable change in the business environment post-election.
- This direction aligns with Ripple's strategy to adapt to the "Trump effect," believed to positively influence cryptocurrency's status in the U.S.
Incoming U.S. President Donald Trump is expected to positively affect the crypto market. Ripple Labs is reporting increased local deals and hiring efforts prior to Trump's inauguration on January 20, with growth attributed to the new administration's promises.
"2025 is here and the Trump bull market is real," said CEO Brad Garlinghouse in a recent post on X. "For Ripple, this is even more personal after Gensler's SEC effectively froze our business opportunities here at home for years. The optimism is obvious and very deserved."
Garlinghouse highlighted that the company is now focusing its hiring efforts almost exclusively in the U.S., a significant shift from its overseas expansion during the previous Biden administration. Currently, 75% of Ripple's open positions are located in the U.S., reflecting its commitment to support the Trump administration with a pledge of $5 million worth of XRP tokens towards Trump's inauguration.
Traders and analysts have noted a surge in XRP prices, which have increased over 300% since Trump's victory, outperforming all other major cryptocurrencies, driven largely by a favorable U.S. market narrative. The trend continues to draw the attention of international traders, with significant trading volumes observed primarily coming from South Korean exchanges.
