As a seasoned researcher with years of experience delving into the complexities of the cryptocurrency market, I find myself intrigued by the recent surge in XRP‘s price and volume. Having closely observed the crypto landscape since its inception, I must admit that I have seen periods of extreme volatility, but the resilience shown by XRP in the past few weeks is truly remarkable.
In recent times, the cryptocurrency market has witnessed significant sell-offs, particularly due to a drop in Bitcoin‘s price below $88,000. However, amidst this volatility, Ripple Labs-supported XRP has shown exceptional growth over the past fortnight. This large-cap altcoin, with a valuation of approximately $80 billion (fully diluted) and daily trading volume around $12 billion, has soared more than 46% in the last week, breaking the 80 cents mark for the first time since July 2023.
Patient investors holding XRP for an extended period have been richly compensated so far, and further profits are anticipated within the upcoming months. Additionally, the XRP value on a weekly scale has managed to surge past the significant resistance barrier near 74 cents.
To reject a possible brief price drop in XRP, it’s crucial that the price persistently surpasses its July 2023 maximum. Notably, the weekly Relative Strength Index (RSI) has recently revisited levels close to 70%, a point not seen since July of the previous year.
If the value of XRP surges beyond 91 cents in the future, the next significant goal would likely be setting a new record high.
Major Factors Fueling XRP Price Growth
In recent weeks, much like other leading cryptocurrencies, the price of XRP has seen a surge in bullish sentiment. This upturn can be attributed to the triumph of pro-crypto political leaders, with President-elect Donald Trump at the helm, in the United States. However, it’s important to note that the growth of the XRP market has been relatively modest compared to its peers due to an ongoing lawsuit by the US Securities and Exchange Commission (SEC) that was initiated late last year.
Under the Trump administration, there might be some respite for XRP and the broader crypto community regarding the SEC’s actions. In a speech at the Practicing Law Institute and the 56th Annual Institute on Securities Regulation in New York on Thursday, SEC Chair Gary Gensler indicated that his tenure may be coming to an end or he may resign, implying potential changes in the SEC’s approach.
Gensler mentioned that it has been a privilege to work alongside them, carrying out the will of the people, and striving to keep our financial markets as the top-notch globally.
The Ripple community, spearheaded by Ripple’s Chief Legal Officer Stuart Alderoty, rejoiced at the action taken by 18 states, with Nebraska’s Attorney General Mike Hilgers leading, against the U.S. Securities and Exchange Commission (SEC). According to a lawsuit filed by these 18 U.S. states, the SEC has exceeded its authority in governing the cryptocurrency market, particularly during President Biden’s term.
Currently, Ripple’s largest holders (those with at least a million XRP) collectively possess approximately 45.6 billion tokens, the highest level since June 2018. Over the past two years, data from market intelligence platform Santiment shows that these larger investors, known as whales and sharks, have amassed over 3.4 billion additional units, representing an increase of around 8 percent.
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2024-11-15 11:59