TLDR
XRP breaks $1 barrier for first time since November 2021, reaching $1.19
30% surge in 24 hours and 108% gain over seven days
SEC Chairman Gary Gensler rumored to be stepping down
Whale wallets have added 3.44 billion XRP over past two years
Total whale holdings reach 45.61 billion XRP – highest since June 2018
XRP has broken through the $1 price level for the first time in three years, reaching $1.19 in a remarkable price movement that has caught the attention of crypto markets.
The digital asset has shown exceptional performance with a 30% increase in just 24 hours and a weekly gain of 108%.
The price surge comes as rumors circulate about potential changes in U.S. regulatory leadership. SEC Chairman Gary Gensler’s recent speech at the Practising Law Institute’s securities regulation conference has fueled speculation about his possible departure, though no official announcement has been made.
During his tenure, Gensler maintained that most cryptocurrencies, except Bitcoin, fall under SEC jurisdiction. This stance led to a prolonged legal battle with Ripple Labs, beginning in December 2020 when the SEC filed charges alleging XRP sales constituted unregistered securities offerings.
July 2023 marked a turning point for Ripple when a court ruled certain XRP sales did not qualify as securities transactions. The SEC’s subsequent attempts to secure penalties resulted in a reduced fine of $125 million, down from their initial $2 billion demand.
The regulatory landscape continues to evolve, with eighteen U.S. states challenging the SEC’s approach. Texas, Ohio, and Wyoming are among those who filed a lawsuit against the agency, claiming excessive government oversight in crypto regulation.
Blockchain Association reports indicate the SEC’s enforcement actions have resulted in $426 million in litigation costs for crypto companies since 2021. This regulatory pressure has sparked industry-wide debates about the future of cryptocurrency oversight in the United States.
Ripple CEO Brad Garlinghouse recently shared his optimistic outlook at Cantor’s Crypto Conference. He suggested the U.S. could become the global “crypto capital” under new political leadership, while also commenting on what he referred to as potentially Gensler’s final days in office.
On-chain data reveals substantial whale activity, with large holders accumulating XRP at impressive rates. These whales, defined as wallets holding over one million XRP, have added 3.44 billion XRP to their positions over the past two years.
The current total whale holdings of 45.61 billion XRP represent the highest level since June 2018, when XRP reached its all-time high of $3.84. This accumulation pattern suggests strong confidence from large investors in XRP’s future prospects.
Market analysts at XForceGlobal express bullish sentiment, noting a clear breakout in XRP’s price action. Their technical analysis indicates the token has overcome key resistance levels, including the D-wave of its triangle pattern.
More conservative estimates from Coincodex project a price target of $1.13 by mid-December, while DigitalCoinPrice forecasts a range between $1.03 and $2.50 for the remainder of 2024.
$XRP#Ripple’s triangle breakout is OFFICIALLY broken, including piercing not only through the BD trendline, but even the D wave.
99.99% chance that we are going to eventually hit $5.
— XForceGlobal (@XForceGlobal) November 16, 2024
Looking further ahead, 2025 predictions vary widely. Coincodex suggests a range of $0.69 to $3.09, averaging $1.66. DigitalCoinPrice offers a more optimistic outlook, with prices between $2.46 and $2.96.
Long-term forecasts for 2030 show an even broader spread. DigitalCoinPrice projects prices between $7.72 and $8.56, while Coincodex maintains a more modest range of $1.23 to $2.88.
The surge in XRP’s price coincides with broader market developments, including Bitwise’s filing for the first spot XRP ETF. However, given ongoing regulatory challenges, the approval timeline remains unclear.
Technical indicators support the current price movement, with XRP breaking through several resistance levels. Trading volume has increased substantially, indicating strong market participation.
Market data shows growing institutional interest, with several large-scale transactions recorded on major exchanges. This institutional activity adds another layer of validation to the recent price appreciation.
The combination of whale accumulation, potential regulatory shifts, and technical breakouts has created a perfect storm for XRP’s price movement. Current market conditions suggest sustained buying pressure across multiple trader categories.
The post XRP Price Reaches $1.19 as Market Sentiment Turns Bullish appeared first on Blockonomi.
