XRP has now reached a new all-time high of $3.37, as confirmed on multiple exchanges, including Binance, Kraken, and Bitfinex. This surpasses its peak in 2017.
As the market continues to carry optimism for, due to SEC chair Gary Gensler’s departure in a few days and the court providing multiple rulings in favor of ripple Labs, more rise is expected from the coin.
Whale moves are also to be thanked for this rise, followed by positive economic news and market interest growth.
A recent transfer of 30 million XRP, worth about $76.1 million, from the South Korean exchange Upbit to an unknown wallet has caught the market’s attention, as reported by Whale Alert.
Large transfers like this can mean that major holders become more active and often result in price changes. Analysts said that these large transactions may indicate whether major investors are buying more or preparing for a major market move. Others believe that XRP will be up in double-digit percentages very soon.
EGRAG Crypto, a well-known market analyst, says that XRP is making a special pattern called a “Megaphone Bottom.” This pattern has a 70% chance of predicting price increases. If the pattern continues, the analyst believes XRP could go up to $8 in the future.
Also, the cryptocurrency has moved out of a symmetrical triangle pattern, which is a positive sign that it could rise to $4, according to another market analyst, World of Charts.
Meanwhile, Ripple is still embroiled in a legal battle with the U.S. Securities and Exchange Commission (SEC), which is vital for XRP’s recent move. The SEC has until January 15 to file its brief to appeal a 2023 decision that some XRP sales are not securities. Many people in the crypto space await the outcome of this case as it can change the future of the industry.
Some of the legal ambiguity might change when SEC Chair Gary Gensler and Commissioner Caroline Crenshaw step down from their posts on January 20. New leadership, including Paul Atkins, who is viewed as friendly to cryptocurrency, might alter how the agency approaches Ripple’s case.
In the derivatives market, XRP’s open interest rose 22.66% to a new high of $7.7 billion, according to Coinglass. Good funding rates also show that traders are feeling optimistic. Ryan Lee, chief analyst at Bitget Research, said the rise in XRP can be attributed to the possible end of the legal battle and the increasing support for crypto in U.S. politics.
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