XRP has experienced a significant surge of over 16% in just 24 hours, reaching a price of $0.8035. This impressive increase has positioned XRP as the top gainer among the top 100 crypto assets, with a seven-day gain of 45.9%. The last time XRP saw such heights was back in July 2023.
The surge in XRP’s price is attributed to the optimism surrounding regulatory changes following Donald Trump’s potential re-election. Speculation has arisen regarding the departure of Gary Gensler as the SEC Chairman, with rumors suggesting that Trump may remove him on his first day in office. This potential change in leadership has sparked hope within the crypto community that the SEC may withdraw its appeal in the Ripple case, potentially bringing an end to the longstanding legal battle.
Additionally, rumors circulating about Trump eliminating capital taxes on cryptocurrencies issued by U.S. companies could benefit tokens like XRP, further fueling the bullish sentiment surrounding the altcoin. In another positive development, Société Générale’s digital asset subsidiary, SG-FORGE, has announced plans to deploy its euro-backed stablecoin on the XRP Ledger network, adding to the positive momentum.
Despite the broader trend of major cryptocurrencies experiencing a decline, XRP’s price rally has defied the odds. While Bitcoin and other top cryptos saw a 4-6% drop due to profit-taking and hawkish remarks from Fed Chair Jerome Powell, XRP continued to climb. Analysts and traders are now eyeing a potential rally towards the $1 mark, with expectations of reaching this target in the near future.
Technical analysis from experts suggests that XRP could see further gains in the coming days. Analysts like Dark Defender and BigMike have projected short-term targets ranging from $1.03 to $8 based on chart patterns and market dynamics. The increase in open interest in the XRP futures market further supports the bullish outlook, indicating growing trader activity that could propel XRP towards these projected targets.
Overall, XRP’s recent price surge has been driven by a combination of regulatory optimism, positive developments, and technical factors. With various catalysts at play, the future looks bright for XRP as it aims to continue its upward trajectory towards new highs.
