XRP has increased by 27% in the last 24 hours, exceeding the $ 1.4 level, reaching its highest value since 2021. This performance has caused it to surpass Dogecoin and rise to sixth place in terms of market value. News that SEC Chairman Gary Gensler will resign from his post and positive expectations in the Ripple case are among the main reasons for this strong increase in XRP's price. The movement in the crypto market with Bitcoin exceeding $ 99,000 also led to a significant increase in altcoins.
The recent rise of XRP has had a great impact on the cryptocurrency market, gaining more than 150% in value in about two weeks, and its market value is approaching $140 billion. This rise has brought XRP to sixth place, ahead of Dogecoin in terms of market value. This increase in value has become an important turning point for XRP investors.
One of the biggest reasons for XRP’s rise was the resignation of Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC). Gensler announced that he will be leaving his position as of January 20. The SEC’s strict stance on cryptocurrencies and its ongoing lawsuit with Ripple were putting pressure on XRP investors. However, Gensler’s resignation and the possibility of a crypto-friendly leader taking over the SEC chair brought great relief and confidence to the XRP community.
Another important factor contributing to the rise of XRP was the liquidations in leveraged transactions. In the last 24 hours, a total of $406 million in forced liquidations occurred in the cryptocurrency market, most of which was caused by investors in short positions. In the case of XRP, more than $25 million in short positions were liquidated. This reinforced the short-term squeeze that led to the price increase.
Additionally, XRP’s strong breakout from its multi-year symmetrical triangle formation has increased investor interest, with the weekly Relative Strength Index (RSI) moving above the 70% level, entering the overbought territory for the first time since April 2021. This sent a strong signal that XRP is returning to its long-term bullish trend.