XRP is on the rise, rising 90% in the past week to reach USD 2.71 after a difficult period during the last bull market. Positive changes in the US political landscape due to the election of President Trump and potential regulatory changes are boosting XRP market performance. With the resignation of SEC Chairman Gary Gensler, many are hoping that this will lead to a favorable outcome for XRP and the lawsuit will be dismissed. XRP has overtaken Tether in market capitalization and is now in third place behind Bitcoin and Ethereum, reflecting a significant recovery and market confidence.
XRP has a mission. The mission appears to be to make up for what was nearly missed during the last bull market. While most other crypto assets soared, XRP failed to reach all-time highs as the legal battle with the US Securities and Exchange Commission (SEC) got into full swing in 2020/21.
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This time it's a different story. Donald Trump’s recent victory in the White House election has injected overwhelmingly positive sentiment into the crypto industry. And XRP seems to be benefiting the most from this at the moment.
The SEC vs. Ripple battle is set to last until 2025, but the resignation of SEC Chairman Gary Gensler is likely to change everything, with many hoping the regulator's new boss will abandon the legal battle. There is.
And XRP is on a roll, rising more than 90% in the past week and showing no signs of slowing down.
At the time of writing, one XRP costs US$2.71 (AU$4.18), which is notable considering it spent most of 2024 at less than US$50. So even more impressive than the weekly increase is the 443% increase over the past month.
XRP, monthly chart, source: CoinMarketCap
After surpassing SOL, XRP has also overtaken Tether in market capitalization and currently ranks third behind Bitcoin and Ethereum. XRP has a market capitalization of US$154 billion (A$237 billion), while Tether has a market capitalization of US$134 billion (A$207 billion) and Solana has a market capitalization of US$107 billion (A$165 billion).
Will the XRP rally continue?
However, there are concerns that this rally may be short-lived, as Crypto News Australia reported yesterday that open interest suggests unsustainable speculative activity. Crash or not, many believe there is still room for growth, but $589 per XRP remains an unlikely scenario, not to mention $10,000 as suggested by some. There is no.
Tony Edwards of the Thinking Crypto podcast believes a target of US$5-8 (AU$7.72-12.35) is realistic.
my $XRP The price target for this cycle is $5 to $8. There is a possibility that it will go up a little more, but I'm going to be conservative to be on the safe side. People who are asking for $589, $1,000, $10,000 are smoking crack. pic.twitter.com/joXwhGcxMq
— Tony Edwards (Thinking Crypto Podcast) (@ThinkingCrypto1) December 2, 2024
People like Brett (@Brett_Crypto-X) say that XRP has momentum and there are many reasons to hold it, including the Ripple partnership, the RLUSD stablecoin, and the XRP exchange-traded fund (ETF). I'm reminding the XRP Army. some.
🚨Do not sell #XRP Until all these goals are achieved.
1. RLUSD is released.
2. Trump is in the White House.
3. Gary has officially left the SEC.
⁴.The ripple incident comes to an end.
5. Alternative season begins.
6. Ripple names partnership with major bank.
7. Approval of XRP ETF.
Use this list…
— Brett (@Brett_Crypto_X) December 1, 2024
Of course, things can always play out differently, which is why it's so important to do your own research (DYOR). But for now, even veteran analyst Raul Pal has praised the XRP chart, saying it's a “nice looking chart.”
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I have to admit, $XRP This is a nice looking chart. The last time it broke out of a long wedge pattern, it rose another 5,600%. (I won’t repeat myself, but you get the point – you can go pretty high) Banana Zone Part 1 pic.twitter.com/MTs6fdJrT3
— Raoul Pal (@RaoulGMI) December 2, 2024
According to Pal, it's “Banana Zone Part 1.” Let's see what part 2 brings and how many parts there are in this gathering. Either way, at this rate, XRP is on track to reach its all-time high of US$3.84 (AU$12.35), set seven years ago in January 2018.
XRP, all-time chart, source: CoinMarketCap
