XRP to the Moon| Is Gensler Stepping Down the Secret Ingredient?
2024-11-16

XRP's price broke $1, marking a significant milestone for the cryptocurrency. Its market cap has climbed 26.76%, reaching $59 billion, while trading volume soared to $16 billion

Open interest in XRP derivatives increased by 12% to $1.5 billion, signaling growing speculative interest and potential institutional participation. Notably, over 320 million XRP were purchased within the last 72 hours

This surge follows a breakout from a symmetrical triangle pattern, often indicative of significant price shifts. Analysts have drawn parallels between XRP's current trajectory and its 2017 performance, when it hit an all-time high of $3.3. If the bullish trend persists,  The rally may have been partly influenced by XRP’s listing on Robinhood. CryptoQuant's exchange reserves metric highlights growing confidence in the coin's long-term potential.  

 Ripple to Gensler: Don’t Let the Door Hit You on the Way Out! 

Ripple Labs has also made headway in its legal dispute with the US Securities and Exchange Commission (SEC), securing a favorable court ruling and the approval of a joint motion for final judgment, boosting market optimism.With rumors circulating that Gary Gensler may step down—or potentially be ousted by a future Trump administration—Ripple is regaining the spotlight. As speculation about Gensler's possible departure gained traction in the market, XRP's price surged dramatically, reaching its highest level in 16 months.

 Further speculation about Ripple’s development of a dirham-backed stablecoin has added to the upward momentum.  

This comes after Ripple launched its RLUSD stablecoin, fully backed by the U.S. dollar. At the same time, Bitwise revealed plans to convert its Bitwise 10 Crypto Index Fund (BITW) into an ETF, which would include XRP. Ripple CEO Brad Garlinghouse shared his thoughts on these developments via X, amplifying market excitement.  

