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- The XRP price jumped more than 200% in 21 days, moving from $0.49 to $1.62. It follows a pro-crypto shift in the U.S. after the 2024 elections.
- Speculation around Trump’s plan to make Bitcoin a U.S. strategic reserve asset adds to bullish sentiment. It is potentially driving the Bitcoin price above $100K and lifting altcoins like XRP.
- The market has reacted positively to Gary Gensler’s resignation. Investors seem optimistic about the potential for more crypto-friendly regulatory policies.
The crypto market is buzzing after the 2024 elections brought a pro-crypto shift. This event, after so many days, is still sparking significant price movements across the sector.
XRP, a standout among altcoins, experienced a remarkable 21-day surge. The XRP price soared over 200% from $0.49 to $1.62. However, recent profit-taking by retail investors in Bitcoin caused a dip, dragging XRP’s value below $1.30 as Bitcoin temporarily slipped to $96K.
Bitcoin, often nicknamed the godfather of the crypto sector, has surged nearly 50% in just three weeks. It climbed from $66K to a peak of $99K. Its rally has created ripples across the market, with altcoins following suit.
Bitcoin price today has recovered above $98K, with momentum pushing toward the $100K milestone, which has reignited optimism. XRP crypto price has responded with an 8% intraday jump, accompanied by a 25% increase in trading volume and a 15% rise in liquidity.
At the time of writing, XRP price was trading at $1.52, eyeing further gains as market sentiment strengthens. Continue reading to find out what’s boosting the crypto sector and XRP’s value.
BTC Trades Over $98k Mark Amid Strategic Reserve Asset Chatter, Boosting Altcoin Sentiment Too
Speculation is growing around the Trump administration’s rumored plans to designate Bitcoin (BTC) as a strategic reserve asset. During his campaign, Trump vowed to position BTC as a key part of the U.S. strategic reserves, with the government itself becoming a long-term holder.
The Kobeissi Letter, a prominent voice in global capital markets analysis, also weighed in on the possibility of BTC achieving strategic reserve status. The expert noted its potential impact on the financial landscape.
Senator Lummis also proposed a bold idea: the U.S. government could trade a portion of its gold reserves for Bitcoin. This approach would enable the U.S. to expand its BTC holdings without increasing the national deficit.
If the U.S. emerges as a major Bitcoin buyer and long-term holder, the reduced BTC supply could drive prices well above $100,000.
This bullish sentiment around Bitcoin is already making waves in the crypto market. It is boosting the XRP price and other altcoins as well.
Optimism of Gensler’s Resignation Added More Coal to the XRP Price Engine
The cryptocurrency market has reacted positively to SEC Chair Gary Gensler’s resignation, with XRP price seeing a notable boost. Investors view his departure as a potential shift toward more crypto-friendly regulatory policies in the U.S.
This development has renewed optimism for Ripple. The CEO of Ripple Labs, Brad Garlinghouse, has also expressed confidence in the company’s ongoing legal battle with the SEC.
Ripple’s lawsuit, initiated by the SEC four years ago, remains under review. However, many expect the case to conclude by 2025. It might mark a pivotal moment for Ripple’s ecosystem and the broader crypto industry.
Pro-crypto attorney Bill Morgan weighed in on the likelihood of the incoming SEC chair continuing the appeal against Ripple, stating,
“I just don’t see how any new SEC chairperson selected by Trump can continue the enforcement cases against Ripple and the exchanges. It would immediately result in that chairperson attracting the opprobrium surrounding Gensler. The Ripple case is easy to end. Abandon the Appeal and take the $125 million fine. It should be the first one to end.”
If the SEC withdraws its appeal, the ruling on XRP’s Programmatic Sales could set a precedent for the U.S. crypto market. That will potentially drive up the XRP demand.
Such a withdrawal might create a domino effect, pressuring the SEC to resolve or drop cases against major platforms like Coinbase (COIN), Binance, and other crypto exchanges.
This shift could mark the end of “regulation through enforcement,” paving the way for policies that balance innovation with investor protection. That’s an encouraging prospect for the broader crypto industry.
For Ripple, reduced SEC intervention could bolster its legal standing, fueling optimism for XRP’s long-term growth. The technical analysis further supports a promising outlook for the XRP price, strengthening investor confidence.
Why the XRP Price Could Go Parabolic Soon?
XRP crypto still has significant ground to cover before challenging giants like Bitcoin and Ethereum. However, it currently holds the rank of the sixth-largest cryptocurrency by market value. It remains an undervalued asset with substantial growth potential in the coming years.
Global money center banks are increasingly embracing blockchain-based payment systems, with XRP taking a prominent role in this shift. RippleNet is also gaining traction, with daily XRP payments tripling over the past six months.
From expanding liquidity pools to advancing central bank digital currency (CBDC) initiatives, Ripple’s ecosystem is experiencing a wave of positive momentum, signaling a bright future ahead.
Can Bulls Ignite a New Rally in the XRP Price?
A glance at XRP crypto’s monthly price chart reveals an impressive surge in November 2024. Despite this rally, the XRP price still trails its previous all-time highs from 2018 and 2021, suggesting further room for growth.
Key long-term targets include the $1.96 level, which the XRP crypto is steadily approaching. The other one is XRP’s all-time high of $3.31, the ultimate milestone since its inception.
On the daily chart, the XRP price remains above key EMA bands, including the 20, 50, and 200-day averages, signaling bullish strength.
Momentum indicators like the AO and MACD histograms continue to flash green, reflecting growing upward momentum. Additionally, the Chaikin Money Flow (CMF) stands at a healthy 0.24, indicating strong inflows of capital.
However, the RSI presents a concern, hovering in the overbought zone at 87 for the past 10 days. That suggests the rally may be overextended.
If the current momentum persists, as most technical indicators suggest, XRP could retest the $1.96 to $2.00 range. Conversely, a slowdown in momentum might trigger a correction, with XRP price potentially seeking support in the $1.30 to $1.00 zone.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
