Analysis of XRP Price Increase
The recent surge in XRP’s price has been identified as a “leverage-driven pump” by CryptoQuant community analyst Maartunn. This type of event has been seen before, with a similar occurrence resulting in a 17% correction.
Current Price and Performance
- XRP is currently priced at $1.72, showing a 16.4% increase over the past 24 hours.
- It is one of the top-performing cryptocurrencies in the top 10 rankings.
- The open interest in XRP futures has also increased by 37% alongside the price surge.
- XRP has seen a significant rise of 232% in the last 30 days, outperforming the market average return of 57.3% during the same period.
Bullish News Impacting XRP
XRP’s recent uptrend began nearly a week after the US election results, which indicated former President Donald Trump’s return to the White House for a second term.
Investor optimism was boosted by Trump’s crypto-friendly stance during his campaign, leading to price gains in various altcoins, including XRP, which surpassed the $1 mark for the first time since November 2021.
The most significant price surge for XRP occurred after the announcement by US Securities and Exchange Commission (SEC) chair Gary Gensler regarding his departure on Jan. 20, 2025. Following this news, XRP’s price surged by 35% to reach $1.60.
Gensler’s tenure saw a regulatory crackdown on major crypto firms, including Ripple, the issuer of XRP. The ongoing legal battle between Ripple and the SEC aims to prove that XRP sales were an unregistered securities offering.
The potential dismissal of the lawsuit under a Trump administration could make XRP a favorable investment option.
Recent Developments by Ripple
- Ripple has recently invested in Bitwise’s XRP fund.
- The company has also launched the first tokenized money market fund on its XRP Ledger.
