XRP has surged to a six-month high of $0.83, marking a 20% increase in just 24 hours. The rally is fueled by a combination of factors, including speculation over SEC Chair Gary Gensler’s potential resignation, a favorable court ruling for Ripple, and increased whale activity. These developments have sparked optimism for XRP’s future, signaling the possibility of long-term gains.
The price surge coincides with growing hopes that Gensler’s departure could lead to a more crypto-friendly regulatory environment. Investors anticipate that new leadership at the SEC may adopt a more lenient stance toward cryptocurrencies, especially Ripple’s XRP, which has been entangled in a prolonged legal battle with the SEC. The resignation rumors are further buoyed by speculation that a new SEC chair appointed under a potential Trump administration could prioritize the approval of crypto ETFs and more favorable regulations for digital assets.
Ripple’s legal victory has also contributed to the bullish sentiment. A U.S. court recently granted Ripple a judgment and stay on class claims filed against the company and its CEO, Brad Garlinghouse. This ruling temporarily halts certain claims and supports Ripple’s defense that XRP transactions on secondary markets do not constitute unregistered securities offerings. The legal win is seen as a positive signal for XRP’s future, potentially weakening the SEC’s case and reinforcing investor confidence.
Whale activity has further amplified XRP’s bullish momentum. A massive transfer of 105 million XRP tokens, valued at approximately $76.5 million, was moved from Binance to an unknown wallet, suggesting that large investors are accumulating XRP in anticipation of future price appreciation. Such transfers often signal long-term holdings, reducing the circulating supply of XRP and potentially increasing upward price pressure.
At press time, XRP stands at $0.83, with a market cap of $47.45 billion and a trading volume of $8.04 billion. Some analysts predict that XRP could rally to as high as $1.50, driven by the ongoing legal developments and technical breakout from a 40-month symmetrical triangle pattern.
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