The recent bull run in the cryptocurrency market has brought unexpected blessings for several digital assets, including Ripple (XRP), which has been struggling to gain traction in recent years. XRP has seen a significant surge in its price, reaching $0.99 and on the verge of touching $1 at the time of writing.
The sudden spike in XRP’s price, which saw a 22% increase in a single day on November 16, was attributed to rumors of Gary Gensler’s potential departure from the U.S. Securities and Exchange Commission (SEC). This news has reignited investor interest in XRP, which has been embroiled in a legal battle with the SEC over allegations of selling unregistered securities.
After winning partial favor in its case against the SEC, Ripple had started to gain momentum among altcoins. However, the recent appeal by the SEC regarding XRP’s classification as a security raised concerns during the ongoing bull run. The speculation surrounding Gensler’s departure has once again propelled XRP’s price to new heights, breaking a 16-month high above $0.9.
According to data from TradingView, XRP is currently trading above $0.95, marking a 74% increase in the past 7 days. The price surge has seen XRP rise from a weekly low of $0.55 to as high as $0.98, inching closer to the $1 mark. With the current bullish sentiment towards XRP, analysts believe that the digital asset has the potential to surpass its previous high of $2 set during the 2021 bull run.
Investors are optimistic about the future of Ripple, with the ongoing cryptocurrency bull run driving massive capital into the market. The potential developments in the SEC case and the approval of a spot XRP ETF could further boost XRP’s price in the coming years.
Regardless of whether Gensler steps down as the SEC chair, it is expected that XRP will continue to hit new highs in the coming months. The surge in XRP’s price reflects growing investor confidence in the digital asset, with leading altcoins like XRP witnessing increased demand from investors.
In conclusion, the future looks bright for XRP as it continues its upward trajectory towards the $1 mark and beyond. With significant developments on the horizon, XRP could potentially revisit its past gains and reach new highs in the years to come.