XRP Price Skyrockets To 2-Year High, What Next?

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XRP price has surged to $0.91, marking its highest level in two years. This bullish momentum comes amid growing trading volume, legal developments, and regulatory shifts in the cryptocurrency market.

XRP Price Skyrockets To 2-Year High

The recent rise in XRP’s price can be linked to a breakout from a symmetrical triangle formation visible on its price graph. Such patterns are typically connected with significant price fluctuations in either direction, and in this instance, the breakout seems to be pointing upwards.

Experts are noting parallels between XRP’s price movement from 2017, and they are predicting potential prices. By the end of this month, some estimate the price could reach $1.96, while by the end of 2024, it might even climb to around $4.80 if the trend persists.

The surge in XRP’s value is supported by a boost in market action. In just the last day, trading volume has skyrocketed by more than 126% to reach an impressive $17.57 billion. Furthermore, there’s been a 12% rise in open interest for XRP derivatives, suggesting that traders are making fresh wagers on potential future price fluctuations.

The number of whale actions has grown, with substantial transactions being noted on the blockchain. Notably, an exchange of 60 million XRP, roughly equivalent to $52.8 million, between unidentified wallets was brought to attention by Whale Alert. This type of activity typically indicates institutional participation or readiness for major market shifts.

Ripple Labs Vs  SEC Major Development

The current lawsuits between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) have significantly impacted the recent behavior of XRP. Recently, a court decision was made in favor of Ripple Labs, its CEO Brad Garlinghouse, and XRP II LLC, approving their combined request for a final verdict and a temporary halt on certain accusations.

Under the leadership of Chair Gary Gensler, the Securities and Exchange Commission (SEC) has been subjected to increasing scrutiny regarding its handling of digital asset regulation. A lawsuit initiated by 18 U.S. states against the SEC claims that their crypto regulations exceed constitutional boundaries. Market observers are hopeful that these events could pave the way for a resolution in Ripple’s ongoing legal battle and bring clarity to the regulatory landscape surrounding XRP.

ATTENTION: Ripple’s price is soaring as a group of Republican state attorneys general file a lawsuit against the SEC for alleged excessive regulation of cryptocurrencies. Join us at 3:30pET for an exclusive reaction from Ripple CEO Brad Garlinghouse – don’t miss it! (Eleanor Terrett)

— Liz Claman (@LizClaman) November 15, 2024

Brad Garlinghouse, CEO of Ripple, shared his thoughts on recent developments in the crypto industry through social media. He expressed his approval over milestones like Bitwise’s ETF filing that incorporates XRP. In a casual manner, he referred to the popular cryptocurrencies as “the alphabet soup I like to see,” which includes XRP, Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Garlinghouse suggested that legal clarity for XRP could potentially open doors to wider adoption of Ripple’s technology and the XRP Ledger.

What’s Next for The XRP Price?

The current value of XRP is being checked against significant barriers around $1.00, which represents both a psychological and technical benchmark in its journey as a digital currency.

Experts predict that if XRP manages to keep up its pace and surpass the $1.00 mark, it might aim for $1.32 next. Maintaining a high trading volume and open interest will be essential in verifying the robustness of this bullish trend.

Keeping a close eye, market observers are also tracking institutional actions on the XRP Ledger. Reports suggest that funds could be flowing into the XRPL from other blockchain environments.

If the current trajectory persists, it’s possible that XRP will experience additional price growth and increased usage over the next few months. Currently, the value of XRP is being transacted at $0.8909, representing a significant jump of $14.45 from its daily low.

Regulatory Shifts Create Optimism for Crypto Market

The overall cryptocurrency sector seems to be picking up speed, moving closer to the record high market cap it reached in 2021. It looks like XRP’s strong showing is being fueled by this general market excitement and positive regulatory outlook.

There’s been a lot of talk about Gary Gensler stepping down as SEC Chair after the U.S. elections, with some people in the crypto community believing that a more favorable regulatory climate might emerge under new leadership. Notably, Grayscale and Bitwise have submitted applications for Exchange-Traded Funds (ETFs) incorporating XRP, which suggests increasing optimism about the token’s prospects.

The introduction of new reliable digital currencies onto the XRP Ledger is attracting notice as well. Recently, Societe Generale-Forge disclosed intentions to incorporate the EURCV stablecoin onto the XRPL by 2025. This decision aligns with the company’s broader strategy to function across various blockchain systems, having previously launched EURCV on Ethereum and Solana.

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2024-11-16 00:38