Ripple CEO Brad Garlinghouse celebrated President-elect Donald Trump's nomination of Scott Bessent as Treasury Secretary, dubbing him a "perfect pick." The pro-crypto stance ignited a surge in XRP prices, which soared over 60% to reach $1.62, signaling bullish momentum in the crypto market.
Garlinghouse Calls Bessent the "Perfect Pick"
Brad Garlinghouse, CEO of Ripple, shared his enthusiasm with the XRP army on X. He said that picking Scott Bessent to be Treasury Secretary was a "perfect pick." The RLUSD stablecoin and XRP, which are awaiting certification from US regulators, were mentioned in Garlinghouse's piece as innovations that he is positive about.
The most pro-innovation and pro-crypto Treasury Secretary he had ever seen, in his opinion, was Bessent. Positive reactions were received by other crypto professionals and executives, such as Charles Hoskinson, John Deaton, Matthew Sigel, and David Bailey.
Pro-Crypto Leaders Rally Behind Bessent
"SEC Chair right, we are about to enter the Digital Age of Innovation," pro-XRP attorney John Deaton warned the Trump transition team. A lawyer who is on the side of XRP, Jeremy Hogan, has speculated on when the Ripple SEC issue could be resolved.
Scott Bessent has been nominated to head the US Treasury Department by US President-elect Donald Trump. Key Square Group's founder is the new secretary of the treasury. While working for George Soros in 1992, he made headlines for his infamous short bet on the British sterling, Coingape shares.
As Wall Street watched the drama unfold, Trump's choice of the US Treasury head turned out to be one of his most important judgments. Among those competing were Kevin Warsh, a former governor of the Federal Reserve, and Marc Rowan, CEO of Apollo Global Management.
Markets React Positively to Bessent Nomination
On Truth Social, Trump wrote, "Scott is widely respected as one of the World’s foremost International Investors and Geopolitical and Economic Strategists," according to Reuters.
After Trump nominated Scott Bessent to head the Treasury Department, the stock market and cryptocurrency markets both responded positively. Crypto adoption policy is an area where Bessent is optimistic, but investors are still waiting for him to provide more clarity on fiscal policy and his plans moving forward.
The bullish comments made by Hoskinson, the creator of Cardano and CEO of Ripple, caused the prices of XRP and ADA to climb even further. Now, everyone is waiting for Donald Trump to make his nominations.
XRP Rallies to New Highs Amid Optimism
The price of XRP has pumped up by 12% in the past day, extending its weekly surge to above 60%. With a further 22% increase in trading volume, XRP reached a 24-hour high of $1.62. The consensus among popular experts has set a $2 price objective for XRP.