Why XRP Is Soaring Today
XRP (CRYPTO: XRP) is surging in Tuesday's trading. As of 11:45 a.m. ET, the cryptocurrency's price was up by 8.6% over the previous 24 hours. Meanwhile, Bitcoin was up 2.6%, and Ethereum was up 2.5%.
XRP was gaining ground following the Senate's confirmation vote for Scott Bessent as Treasury secretary for the Trump administration Monday. Bessent was confirmed for the role by a 68-to-29 vote, and investors are betting that he'll help promote policies that are beneficial for the crypto market.
XRP sold off sharply on Sunday and Monday due to concerns related to DeepSeek's R1 artificial intelligence (AI) model and the Federal Reserve's expected approach to interest rates for 2025, but the token is bouncing back. In addition to investors buying the cryptocurrency on the dip, the token is also getting a significant boost from Bessent's confirmation.
Source Fool.com
