Leading top 100 assets, XRP surged over 16 percent in a 24-hour period. At press time, the price of XRP stands at $0.8035, displaying a 16.6 percent increase in a day. The altcoin’s rally, however, stretches its seven-day gains to 45.9% to reach its highest close since October 2024, to date.
Opinion, particularly about potentially good regulatory developments, has lead to an upsurge in XRP’s price. Just one is the heightened speculation on social media as to a potential change in leadership at the U.S. Securities and Exchange Commission (SEC). It comes after SEC Chairman Gilbert Gary Gensler said in a November 14 statement that his tenure at the commission has been a ‘great honor’ and that his colleagues have done so ‘dedicatedly’.
Surge in XRP Futures Market Activity Signals Bullish Outlook
Now the crypto community is speculating that former President Donald Trump might have one of his campaign promises from day one of his second term if he would ever remove Gensler from the SEC Chair position. The hopes are building that the SEC may ease the pressure on Ripple Labs by withdrawing its latest appeal in the long and winding legal battle, and that may end the six-year bloodbath.
And on top of that, rumors have started to circulate that Trump could wipe away all capital taxes slapped on cryptocurrencies issued by US firms, a move that would hit XRP in the sweet spot. Combing these factors has helped create lots of bullish sentiment around XRP.
The outlook remains positive, an announcement from Sociète Générale’s digital asset subsidiary SG-FORGE also adds to that. As another layer of positive sentiment to XRP’s recent price movements, the company also announced plans to launch its euro backed stable coin EUR CoinVertible (EURCV) on the XRP Ledger (XRPL) network.
XRP’s price action this past week contrasts with the broader cryptocurrency market. XRP posted the gains on the same day the major cryptocurrencies lost 4-6 percent drop over the past 24 hours. The drop was blamed on profit-taking after a few days of bull runs and hawkish comments by Federal Reserve Chairman Jerome Powell, which diminished expectation of imminent rate cuts.
The market’s downturn was greater than wider, but XRP persevered, meaning many traders and analysts expect the trend upward to continue.Crypto analysts have also set in on $1 as a plausible short term target for XRP.
Some analysts are looking towards XRP’s price hitting $1 before the end of the week. Crypto analyst Dark Defender thinks if XRP can hold above $0.7496 and reach the $0.76 mark, the token could break out of a bull flag pattern on the 1-D XRP/USD chart. This would put XRP in range for an immediate target of $1.03 Friday.
BigMike, another analyst, is more bullish. XRP, he noted, has recently busted out of a large symmetrical triangle pattern on the 1M/USD chart, a formation that has been in place, for all intents and purposes, since mid-2020. This breakout, BigMike states, could come all the way up to $8 during this market cycle.
The further fuel to XRP’s rally comes from a very large increase in open interest in the XRP futures market. According to CoinGlass data, the open interest on Bitcoin has risen from a monthly low of $680 million to $1300 million until November 15. Suddenly, we see this surge in futures market activity, which may begin to draw even more traders within the market and could help to close in towards the bullish targets established by analysts.
Conclusion
Traders and analysts alike are paying attention to a cocktail of regulatory positives, possible changes in SEC leadership, and high levels of XRP futures market activity as the altcoin rallies. Meanwhile, a bevy of eyes are on the Ripple coin as it continues to lead the pack in gains, many now watching if it can make it to the $1 mark before the week is over, with some even painting a long-term price picture.
