XRP, the cryptocurrency associated with Ripple, recently scaled a multi-year high of $2.79, as reported by CoinGecko. Ripple CEO Brad Garlinghouse acknowledged this significant rally with a simple "good morning" to the XRP community on social media.
Garlinghouse previously hinted that the departure of former SEC Chair Gary Gensler could positively impact the crypto market. This sentiment was echoed by Anatoly Yakovenko of Solana, who described Ripple's victory against the SEC as a "fatal wound" to the SEC's regulatory tactics. Ripple's Chief Legal Officer, Stuart Alderoty, also blamed Gensler for the alleged "artificial suppression" of crypto prices.
Before the SEC lawsuit, XRP was consistently among the top five cryptocurrencies by market capitalization. However, the legal battle threatened its position, pushing it closer to the top 10. Now, XRP is within 20% of its all-time high, a level not seen in seven years.
CryptoQuant data reveals a surge in whale activity for XRP, further fueling market excitement. The XRP community has embraced this bullish sentiment, with some speculating about a potential $100 price target, reminiscent of the 2017 crypto bull market. While such exuberance can lead to significant gains, it's important to remember the potential for market corrections, as seen in the 2018 bear market.
