Coinspeaker Ripple-backed XRP Gains Over 46% Fueled by Rising Whale Activity and Inevitable Ouster of US SEC Chair Gary Gensler
Amid the notable crypto market liquidations in the past few days fueled by the Bitcoin BTC $88 010 24h volatility: 3.2% Market cap: $1.74 T Vol. 24h: $83.30 B price drop below $88K, Ripple Labs-backed XRP XRP $0.79 24h volatility: 12.7% Market cap: $44.81 B Vol. 24h: $12.66 B has registered exceptional performance in the past two weeks. The large-cap altcoin, with a fully diluted valuation of about $80 billion and a daily average traded volume of around $12 billion, has surged more than 46 percent in the last week to trade above 80 cents for the first time since July 2023.
The long-term XRP holders have been rewarded for patiently waiting over the years, with more gains expected in the coming months. Moreover, the XRP price in the weekly time frame has successfully broken out of the major resistance level of around 74 cents.
However, XRP price must consistently close above the July 2023 peak to invalidate potential short-term selloff. The weekly Relative Strength Index (RSI) has rallied to retest the 70 percent level, for the first time since July last year.
In case the XRP price rallies above 91 cents ahead, a new all-time high will be the next major target.
Major Factors Fueling XRP Price Growth
As it has happened with the rest of the top crypto assets, XRP price has gained bullish momentum in the past few weeks catalyzed by the resounding victory of pro-crypto US leaders led by President-elect Donald Trump. The XRP market has experienced low growth compared to its peers due to the ongoing lawsuit filed by the US Securities and Exchange Commission (SEC) in late 2020.
However, the XRP and the entire crypto community could get relief from the SEC’s attacks under the Trump administration. In a speech during the Practicing Law Institute and the 56th Annual Institute on Securities Regulation held in New York on Thursday, the US SEC Chair Gary Gensler hinted at a potential resignation or the end of an era.
“It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world,” Gensler noted.
The XRP community, led by Ripple’s Chief Legal Officer Stuart Alderoty, celebrated the attack on the US SEC by 18 states led by Nebraska’s Attorney General Mike Hilgers. According to litigation by the 18 US states, the US SEC has overstepped its mandate in regulating the cryptocurrency market, especially during Biden’s tenure.
Meanwhile, Ripple whales with at least 1 million XRP now hold a total of 45.6 billion tokens, the highest amount since June 2018. In the past two years, market intelligence platform Santiment highlighted that the XRP whales and sharks have accumulated over 3.4 billion units, which is an increase of 8 percent.
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Ripple-backed XRP Gains Over 46% Fueled by Rising Whale Activity and Inevitable Ouster of US SEC Chair Gary Gensler
