The ongoing bull run has brought blessing in disguise for several crypto assets including those lacking any remarkable traction over the past few years. Ripple (XRP) is one of these assets that has recently come out from “basement” and reaching new highs. At the time of writing of this report, XRP was valued at $0.99, all set to touch $1.
Over the past week, XRP started to accelerate moderately from its inseparable price range while coinciding prosperous gains in Bitcoin price. However, in an unexpected turn, XRP price spiked over 22% in a single day and hit $0.99, on November 16, following the rumor of Gary Gensler’s departure from the U.S. SEC.
The probable reason behind XRP price surge is a leap of faith as the SEC is trying to get Ripple smacked over allegations of the company selling unregistered securities. The SEC first filed a lawsuit against Ripple in December 2020 and the legal battle between both the parties has been going on and on since.
Ripple Vs SEC
After winning the partial favor in its case against the SEC, Ripple started to look strong among all altcoins but the recent appeal by the SEC raised concern amid the ongoing bullrun. The U.S. SEC – under the leadership of chair person Gary Gensler – appealed the court ruling on October 18 regarding the XRP being a security.
Now as Gary Gensler is rumored to be stepping down – or forced to be by the Trump administration in future – Ripple has once again started to gain attention. As soon as news about Gensler’s potential departure started to spread in the market, XRP price started to skyrocket with it breaking 16 months high above $0.9 price mark.
XRP Price Analysis
According to data from TradingView, XRP is currently trading above $0.95 – up 74% in the past 7 days. Its price rose from the weekly low of $0.55 to as high as $0.98 while marching towards the most anticipated $1 price mark. XRP is also currently one of the biggest daily gainers with it surging over 20% in a single day.
While XRP is on its way to break the $1 barrier, it has a wide room to grow further and potentially eye for levels above $2 which it set in the past bull run of 2021. Although XRP needs a long run to break the all-time high of $3.317 – marked in January 2018.
If the current bullish sentiment towards XRP continues, it may not take longer for XRP to break to new highs. Given that the Ripple is undergoing significant developments – including potential clean chit in SEC case and the approval of spot XRP ETF – it is expected that XRP might revisit its past year gains in 2025.
Conclusion
Whether or not Gary Gensler steps down as the SEC chair, one thing is now for sure that XRP will hit new highs in coming months. The impressive surge of over 70% in XRP price over the past 7 days reflects that investors are now more optimistic for the future of Ripple. In addition, the ongoing cryptocurrency bullrun is likely to drive massive capital into the crypto market with leading altcoins – including XRP – witnessing huge demand from investors.
Also Read: Fact Check: Is Gary Gensler Going to Jail After Trump Takes Office?
