XRP price has grown substantially, reaching a six-month high of $0.83, spurred by favorable regulatory developments and heightened investor sentiment. The recent announcement of a potential resignation by SEC Chair Gary Gensler has fueled optimism within the crypto sector. This is because investors anticipate a more favorable regulatory environment under new leadership.
XRP Price Hits Six-Month High Amid Gary Gensler’s Resignation Speculation
XRP price has surged by 20% in the last 24 hours, reaching $0.8, reflecting a notable shift in market sentiment. This rise is fueled by growing optimism about regulatory changes that could benefit Ripple and XRP. The potential resignation of SEC Chair Gary Gensler has spurred positive expectations within the cryptocurrency sector. Investors speculate on a more crypto-friendly regulatory approach under the new Trump leadership.
Ripple, the organization behind XRP, has faced longstanding regulatory challenges with the SEC, and Gensler’s exit could pave the way for a more favorable stance. The resignation speculation comes amid heightened interest in XRP, with investors showing renewed enthusiasm.
In addition, XRP price rally coincides with a favorable ruling for Ripple in its ongoing XRP lawsuit. In a recent decision, a U.S. court granted Ripple Labs and its CEO, Brad Garlinghouse, a judgment and stay on class claims filed against them. This ruling reflects a legal victory for Ripple and its executives, allowing them to move toward a final resolution while temporarily halting specific claims.
Ripple’s win in this phase of the litigation has lifted market sentiment, signifying the weakening of the SEC’s arguments against XRP as an unregistered security. The court’s decision effectively supports Ripple’s claim that XRP transactions on secondary markets do not qualify as securities offerings, a stance that could further boost XRP price gains.
Whale Movements Signal Potential Accumulation
In a parallel development, substantial XRP whale activity has been observed, adding further intrigue to the XRP price movement. A transfer of 105 million XRP tokens, valued at approximately $76.5 million, was executed from Binance to an unknown wallet. Such large-scale transfers are signs of potential accumulation, indicating that investors are holding XRP for longer-term gains.
The movement of XRP from exchanges to private wallets reduces its immediate availability for trading, which can amplify upward price pressure if demand continues to grow. This reduction in liquid supply, combined with the favorable regulatory development could set XRP price for further upward momentum.
At press time, Ripple stands at $0.83, marking a 21.70% surge over the past 24 hours. This rally has pushed its market cap to $47.45 billion, followed by increased trading volume, now at $8.04 billion. According to the latest XRP prediction, the Ripple token may rally to $1.5 after breaking out from a 40-month symmetrical triangle.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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