As a seasoned analyst with over two decades of experience in the financial markets under my belt, I’ve seen my fair share of market fluctuations and unexpected surges. However, the recent rally of XRP, defying the broader downward trend of Bitcoin and other top cryptocurrencies, has caught my attention.
In the last day, XRP experienced a significant jump of more than 16%, primarily due to optimistic speculation about regulations following Donald Trump’s election. This positive sentiment has ignited anticipation for potential price increases, with some predicting that XRP could climb towards $1.
At the time of writing, XRP was trading at $0.8035, showing the most significant daily growth among the top 100 cryptocurrencies with a rise of 16.6%. This surge has boosted its weekly gains to an impressive 45.9%, reaching a peak this year that was last observed on July 20, 2023.
Why is XRP price rising?
The gathering took place contemporaneously with increased chatter on social networks regarding the possibility of Gary Gensler stepping down from his role as SEC Chairman. Speculations about his impending retirement arose following his November 14th note, in which he expressed that serving at the SEC had been an immense privilege and praised his team for their commitment.
In the lead-up to Trump’s potential second term, crypto enthusiasts are speculating that he might follow through with his commitment to replace the current Securities and Exchange Commission (SEC) Chair on the very first day of his new administration.
As a researcher, I ponder if Gary Gensler’s departure from his role as SEC Chair might trigger the agency to reconsider its ongoing appeal in the Ripple case. This possible move could signal the end of the six-year-long legal dispute between Ripple Labs and the securities regulator.
Additionally, whispers about Trump possibly abolishing all capital taxes on digital currencies issued by American corporations, which might advantage coins such as XRP, have contributed to the recent optimistic feelings surrounding the altcoin.
A significant factor contributing to the rise in XRP’s price is the news that Société Générale’s digital asset arm, SG-FORGE, plans to utilize its Euro-backed stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger (XRPL) platform.
Deviating from the broader trend
Amidst a general drop of 4-6% in Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB) over the last 24 hours, XRP’s price surge is particularly notable.
The decline was primarily due to investors cashing in their gains following several consecutive days of increase. Additionally, pessimistic comments from Federal Reserve Chairman Jerome Powell about potential interest rate hikes weakened the market’s expectation for immediate rate reductions, thereby worsening the drop.
Nevertheless, numerous factors are driving optimism among traders and analysts, who forecast a surge that could potentially reach $1. Similarly, analysts at Crypto.news predict a comparable goal.
Analyst Dark Defender expects this to happen as early as the end of the week.
Based on the analyst’s assessment, if the seventh largest cryptocurrency (altcoin) manages to hold its value above $0.7496 and solidifies its position at roughly $0.76, there could be a formation of a bull flag pattern on the daily XRP/USD chart. This potential pattern might propel the price towards a temporary objective of around $1.03 by the week’s end.
According to trader BigMike, there’s a strong possibility that XRP could reach up to $8 in this market cycle. This optimistic prediction is based on his observation of a significant breakout from a large symmetrical triangle pattern that had been forming since mid-2020, as seen on the 1-Month/USD chart.
As I delve into my research, it’s evident that the open interest in the XRP futures market has noticeably escalated from its monthly minimum of $680 million to an impressive $1.3 billion as of November 15th. This substantial increase in open interest seems to indicate a rise in trader activity, which could potentially propel XRP towards the bullish targets forecasted by analysts.
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2024-11-15 12:27