- XRP is rallying, gaining 90% in the past week and reaching US$2.71 after a challenging period during the last bull market.
- Positive shifts in the US political landscape with Trump’s election and potential regulatory changes are boosting XRP’s market performance.
- With the departure of SEC Chair Gary Gensler many are hoping this will lead to favourable outcomes for XRP and a drop of the lawsuit.
- XRP has overtaken Tether in market cap, now third only to Bitcoin and Ethereum, reflecting a significant recovery and market confidence.
XRP is on a mission. A mission, it seems, to make up for pretty much missing out in the last bull market. As the legal battle with the US Securities and Exchange Commission (SEC) was in full swing in 2020/21 and while most other crypto assets surged, XRP failed to reach its previous highs.
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This time, it’s a different story. Donald Trump’s recent victory in the White House race has infused the crypto industry with overwhelmingly positive sentiment. And XRP seems to be benefiting most from this right now.
Although SEC vs Ripple is scheduled to continue well into 2025, the departure of SEC Chair Gary Gensler is likely to change all that, with many hoping a new boss at the regulator will toss out the legal battle.
And XRP is having a field day, rallying over 90% in the past week with no signs of slowing down.
At the time of writing one XRP sells for US$2.71 (AU$4.18), which is remarkable considering that it had spent most of 2024 below 50 US Cents. So, even more impressive than the weekly gains is the 443% increase this past month.
After passing SOL, XRP has also moved past Tether in market cap, currently sitting in the third spot behind Bitcoin and Ethereum. XRP has a market cap of US$154 billion (AU$237 billion), while Tether’s cap is US$134 billion (AU$207 billion) and that of Solana is US$107 billion (AU$165 billion).
Can the XRP Rally Last?
But there are fears that the rally could be short-lived, as Crypto News Australia reported yesterday, open interest hints at unsustainable speculative activity. Whether it crashes or not, many believe it still has room to grow – yet $589 per XRP remains an unlikely scenario, let alone $10,000 as some suggest.
Tony Edward from the Thinking Crypto Podcast believes a US$5-8 (AU$7.72-12.35) target is realistic.
Others like Brett (@Brett_Crypto-X), remind the XRP Army that there is a lot of momentum and many reasons for holding on to XRP, such as Ripple’s partnerships, the RLUSD stablecoin and XRP exchange-traded funds (ETFs) to name just a few.
Of course, things can always pan out differently, which is why it’s so important to do your own research (DYOR). But for now, even veteran analyst Raoul Pal is admiring the XRP chart, which is indeed a “good looking chart”.
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“Banana Zone Part 1”, as Pal says. Let’s see what Part 2 brings and how many parts there are to this rally. In any case, at this rate XRP is well on track to reach its previous all-time high of US$3.84 (AU$12.35), which it set in January of 2018, seven long years ago.
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