With a whopping 47% increase in the last five days and a 20% increase in the previous two days, the XRP price is seeing a major surge. A number of reasons have come together to cause the spike. These include chatter about the possible departure of SEC Chairman Gary Gensler, positive regulatory tailwinds under the next Trump administration, more whale activity, and a significant technical breakthrough.

Conjecture Regarding the Potential Resignation of SEC Chairman Gary Gensler

Gary Gensler's (now serving as chairman of the U.S. Securities and Exchange Commission) potential departure has been a major factor in the recent price movement of XRP. Gensler spoke highly of the SEC's work at the 56th annual securities regulation conference of the Practicing Law Institute on November 14. Gensler expressed his gratitude for the opportunity to work with them, accomplishing what the people need, and maintaining the world-class status of our capital markets.

With the impending changeover following Donald Trump's triumph in the US presidential election, the crypto community on X is interpreting this speech as a possible goodbye address. Investors are hoping that the SEC will be headed by a pro-crypto chairman appointed by the Trump administration. "I will fire Gary Gensler on day one," Trump promised at the Bitcoin 2024 conference.

"Joined Cantor's annual Crypto Conference today - safe to say that the US is ready to be the crypto capital of the world with the next Trump Administration," Brad Garlinghouse, CEO of Ripple Labs, said on X, echoing these comments. On what might be Gary Gensler's final days in office, this shirt would be perfect!
The retirement of Gensler has sparked speculation that the SEC may reevaluate its case against Ripple Labs, which might ease regulatory tensions that have been a major factor influencing the XRP price for the past several years.

Positive Trump Administration Regulations for XRP

The expected change in policy by the next Trump administration is another important element that is driving up the price of XRP. Reportedly, the administration is gearing up to take a softer approach toward cryptocurrency and will be nominating individuals who are sympathetic to the industry to important regulatory roles.

"Had a conversation with Tony Romm on the aggressive engagement of the incoming Trump administration with the crypto business over clear regulations... Wow, what a welcome change! Today, Garlinghouse voiced his opinion about X.

Garlinghouse expressed his opinions on the possible beneficial influence of the Trump administration for crypto and also wanted to acknowledge the XRP family's patience and ongoing support in a statement via X. Since XRP was the second most valued digital currency, a lot has happened. This path has been, well, difficult at times. Nearly six years have passed since the SEC began to intervene in the cryptocurrency market, selecting winners and losers... it has been around four years since Ripple was sued by the SEC.

"At last, there is hope as these artificial, manipulative, and unnatural market forces die out," he continued. Turning tides, favorable breezes, and tremendous opportunity await all of us who have faith in XRP's future!

The Number of XRP Whales Has Increased

Another big factor in the recent XRP price spike is whale activity, which is an indication of substantial holders making large-scale investments. According to Santiment, an on-chain analytical service, the total quantity of tokens owned by wallets with 1 million XRP or more has reached 45.61 billion, the highest level since June 2018. Over the last two years, whales and sharks have made a complete U-turn, amassing 3.44 billion more XRP—an increase of 8.16 percent. In the previous week, traders have seen a return of 40%.

New Development

Technical considerations are adding to the mix of fundamental forces impacting the XRP price movement. An important technical indication that XRP may continue its upward momentum is the fact that it has broken above a symmetrical triangle pattern that has been in existence for six years. Although such breakouts sometimes herald substantial price gains, XRP's price fell by as much as 97% as this pattern was taking shape.

The price of XRP was $0.97 as of the time of publication.

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