Why Is XRP Price Up Today? Key Reasons Explained
XRP price is experiencing significant gains, rising by 20% in the past two days and an impressive 47% in the past five days. The surge in price can be attributed to a variety of factors, including speculation surrounding the possible resignation of SEC Chairman Gary Gensler, favorable regulatory tailwinds from the incoming Trump administration, increased whale activity, and notable technological breakthroughs.
#1 Speculation about SEC Chairman Gary Gensler resigning
The main driving force behind XRP’s recent price movement is growing speculation about the possible resignation of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler. On November 14, Gensler gave a speech at the Practicing Law Institute’s 56th Annual Securities Regulation Conference, praising the SEC’s efforts. “It has been an honor to serve alongside them, serve the people, and ensure our capital markets remain the best in the world,” Gensler said.
The cryptocurrency community on Xin interpreted the speech as a potential farewell speech, especially given the impending transition following Donald Trump’s victory in the U.S. presidential election. Investors expect the Trump administration to appoint a pro-cryptocurrency chairman to lead the SEC. Trump promises at Bitcoin 2024 conference: “I will fire Gary Gensler on day one.”
Brad Garlinghouse, CEO of Ripple Labs, echo These views on …Maybe the last days of Gary Gensler’s tenure?”
Following Gensler’s resignation, there was speculation that the SEC might reconsider its appeal against Ripple Labs, which could alleviate the regulatory pressure that has heavily impacted XRP prices over the past few years.
#2 Regulatory tailwinds for XRP under Trump
Expectations of upcoming policy shifts Trump administration is another key factor leading to the increase in XRP price. The government is reportedly preparing to take a more relaxed stance on cryptocurrencies, with plans to appoint industry-friendly candidates to key regulatory positions.
“Speaking with Tony Romm about how the incoming Trump administration is proactively engaging with the cryptocurrency industry on clear rules of the road…so refreshing!” Garlinghouse posted on X today Comment.
Garlinghouse further emphasized the potential positive impact point out via Things. It’s been a frustrating journey at times. It’s been about 6 years since the SEC started intervening in the cryptocurrency market, picking winners and losers… and about 4 years since the SEC sued Ripple.
He added: “Now, as these external (and frankly unnatural and manipulative) market factors recede, we finally see the light at the end of the tunnel. The tide is changing and the headwinds are turning into tailwinds, and for those of us For those who believe in the future of XRP, the opportunities are huge!”
#3 XRP whale activity increases
whale activityIndicating large-scale investment by major holders, it also played an important role in XRP’s price surge. On-chain analytics company Santiment Report On 3.44B of XRP, up +8.16%, traders have gained over 40% in the past 7 days.”
#4 Technological Breakthroughs
Technical factors contributing to XRP price movements complement fundamental drivers. XRP has breached its highest level in six years symmetrical triangle Pattern, an important technical indicator that indicates the potential for continued upward momentum. Historically, such breakouts occur before significant price increases, and in the case of XRP, the price had previously fallen by 97% during the formation of this pattern.
At press time, XRP was trading at $0.85.
Featured image created using DALL.E, chart from TradingView.com
