Maartunn, a community analyst at CryptoQuant highlighted The current price rise of XRP is a “leverage-driven pump,” A similar incident in the past ended in a correction of 17%.
CryptoSlate reported that the price of XRP at the time of publication was $1.72. This is a 16.4% increase over the previous 24 hours, making it one of the 10 best performing cryptos..
With the recent surge in XRP prices, open interest for XRP futures rose by 37%.
XRP’s price has risen by 232% during the past thirty days. That is four times higher than the market return average of 57.3% for the same time period.
Bullish news
XRP’s run began almost a week following the US Election results that saw former President Donald Trump return to the White House.
Trump’s approach to crypto was a source of optimism during his election campaign. This led to a rise in the prices of various altcoins, such as XRP which, for the first since November 20,21, crossed the $1 mark.
Yet, XRP’s most significant pump happened after Nov. 21, when the US Securities and Exchange Commission (SEC) chair Gary Gensler He would step down from his position on January 20, 2025. In the few hours following his statement, XRP’s price soared by 35%, reaching $1.60.
Gensler’s administration saw a sweeping change in the way Gensler viewed business. “regulation by enforcement” This approach led to the SEC taking action against major crypto firms such as Binance Kraken Coinbase and XRP’s issuer Ripple.
The SEC is currently trying to convince the court that the XRP sale was, in reality, an unregistered security offering.
The price increase can cause a lawsuit to be dropped at the beginning of a Trump administration, making XRP a solid investment.
Ripple’s recent developments are not only positive, but also suggest that XRP could be withdrawn as a US security.
This week the company has announced that it will be closing its doors. You can invest in Bitwise XRP funds and launched The first tokenized Money Market Fund on the XRP Ledger.
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