As a seasoned researcher with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of price surges and dips. However, the recent 47% increase in XRP‘s price within just five days has left me genuinely intrigued.
Over the past two days, the price of XRP has seen a substantial jump, climbing approximately 20%. Over the last five days, it’s risen an impressive 47%. This surge is due to a combination of factors, such as speculation about SEC Chairman Gary Gensler possibly stepping down, positive regulatory conditions under the incoming Trump administration, increased activity from large investors (whales), and a significant technical breakthrough.
#1 Speculation About SEC Chairman Gary Gensler’s Resignation
As a crypto investor, I’ve noticed an intriguing trend in XRP’s price movement lately, and it seems to be fueled by increasing conjecture about the potential resignation of Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC). On November 14th, during his speech at the Practicing Law Institute’s annual securities regulation conference, Gensler expressed his admiration for the SEC team. He said, “It has been a privilege to serve with them, performing the people’s work, and ensuring that our capital markets remain the most robust in the world.” This statement has sparked speculation among investors like me about what this might mean for XRP, given Gensler’s past comments on cryptocurrencies.
In the crypto world, many believe this speech could signal a farewell address given the impending change after Donald Trump’s election victory in the U.S. presidency. Investors are hopeful that the new administration will nominate a pro-crypto leader to head the Securities and Exchange Commission (SEC). At the Bitcoin 2024 conference, Trump declared, “On my first day in office, I will dismiss Gary Gensler.
Brad Garlinghouse, head of Ripple Labs, expressed similar views during Cantor’s yearly Crypto Conference: “I attended today, and it seems clear that, under the next U.S. administration, America could become the global leader in cryptocurrency. Coincidentally, or maybe not, this comes at a time when it appears Gary Gensler is leaving his position at the SEC?!
#2 Regulatory Tailwinds For XRP Under Trump
As a researcher studying the cryptocurrency market, I find myself closely watching the anticipated policy shifts under the incoming Trump administration. Reports suggest that this new administration may take a more lenient approach towards cryptocurrencies, potentially appointing candidates from within the industry to key regulatory positions. This shift in policy could significantly contribute to the price appreciation of XRP, as it would likely foster a more favorable environment for the growth and development of the crypto market.
Garlinghouse commented today that it’s refreshing to see the new Trump Administration actively and openly discussing cryptocurrency regulations with the industry, paving the way for a smoother ride.
Garlinghouse underscored the potential benefits through X: “I’ve expressed my views on how the Trump administration might influence cryptocurrency, and I also want to acknowledge the resilience and dedication of the XRP community. A lot has transpired since XRP ranked as the second most valuable digital asset. It’s been a challenging voyage at times… Approximately 6 years since the SEC began interfering in the crypto market, favoring some over others… Around 4 years since the SEC filed a lawsuit against Ripple.
He exclaimed, “At last, a beacon appears at the tunnel’s end as these artificial and manipulative market influences recede. The direction is changing, obstacles are transforming into boosters, and the potential for those who trust in the future of XRP is immense!
#3 Increased XRP Whale Activity
The increased activity of major investors, as indicated by the growth in large whale wallets holding XRP, has significantly contributed to the recent rise in XRP prices. According to the on-chain analysis firm Santiment, these significant whales now hold a record 45.61 billion XRP tokens, the highest since June 2018. Over the past two years, these large investors have accumulated an additional 3.44 billion XRP, representing an 8.16% increase. This accumulation has resulted in traders enjoying a substantial 40% return over the last seven days.
Beyond the key factors influencing it, there are technical aspects also playing a role in the movement of XRP prices. Notably, XRP has surpassed a six-year-long symmetrical triangle chart configuration, which is a potent technical signal suggesting possible continued price growth. In the past, such breakouts have often been followed by significant price rises, and for XRP, the price had dropped as much as 97% during the creation of this pattern.
At press time, XRP traded at $0.85.
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2024-11-16 19:21