As a seasoned analyst with over two decades of experience in the financial markets, I find myself intrigued by the recent surge of XRP, which has been reminiscent of a phoenix rising from the ashes. The potential resolution of the Ripple v. SEC case, combined with other bullish factors, seems to be driving this rally.
TL;DR
- XRP hit a three-year high, possibly driven by multiple bullish factors.
- One of those include a potential resolution of the Ripple v. SEC case as Gary Gensler prepares to step down.
XRP on the Run
As a crypto investor, I’m thrilled to share that Ripple’s XRP is leading the pack among the top 20 cryptocurrencies today (November 29). The price soared to nearly $1.63, a level not seen since the spring of 2021. At the moment, it’s trading around $1.61, according to CoinGecko’s data, marking a robust 10% increase in just a day. What’s truly impressive is the incredible 200% surge it’s experienced over the past month.
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A potential development could be the growing belief that the legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) may soon conclude. Recently, it was announced that the chairman of the SEC, Gary Gensler, plans to resign in January next year. Known for his negative views towards cryptocurrencies, his departure has sparked celebrations among XRP supporters.
Currently, the community is hoping for a pro-cryptocurrency leader and a positive resolution to the lawsuit that has been running for nearly four years.
Multiple specialists anticipate that Ripple may potentially gain from this transition. American lawyer Jeremy Hogan predicts that the agency might dismiss all non-fraud related cryptocurrency lawsuits accumulated over time. He suggests that the Ripple case could be resolved for the previously determined amount of $125 million.
It would be inappropriate to accept anything less than what the court had previously granted! The ongoing cases involving Coinbase and others are likely to be dismissed. This process may take some time, possibly before summer. That’s my prediction, and I stand by it,” Hogan stated.
Chris Giancarlo (the former head of the Commodity Futures Trading Commission) had previously envisioned a situation analogous to the current one. This week, he speculated that the Securities and Exchange Commission might drop their lawsuit against Ripple under President Donald Trump’s administration.
Bonus: The Potential ETF
One additional factor which might have played a positive effect on XRP’s price is the latest move from Bitwise Asset Management. The entity submitted a proposal to the SEC for a new ETF that would include ten cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), Bitcoin Cash (BCH), Polkadot (DOT), and Uniswap (UNI).
As a researcher, I’d like to highlight that every digital asset within the Crypto Index ETF is assigned a distinct portion. Notably, Bitcoin (BTC) occupies approximately 75.1% of the total share, while XRP makes up about 1.5%.
Previous introductions of similar products have triggered a surge in prices for associated cryptocurrencies. It remains intriguing to observe whether regulatory approval will be granted for this project and how it might influence the market dynamics.
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2024-11-29 12:26