Why Is XRP Price Up Today? Key Reasons Explained
2024-11-16

The XRP price is experiencing a significant uptick, rising 20% over the past two days and an impressive 47% in the last five days. The surge can be attributed to a confluence of factors, including speculation surrounding SEC Chairman Gary Gensler’s potential resignation, favorable regulatory tailwinds under the incoming Trump administration, increased whale activity, and a notable technical breakout.
#1 Speculation About SEC Chairman Gary Gensler’s Resignation
A primary driver behind XRP’s recent price movement is the growing speculation regarding the possible resignation of Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC). On November 14, Gensler delivered a speech at the Practicing Law Institute’s 56th annual conference on securities regulation, where he lauded the efforts of the SEC. “It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world,” Gensler stated.
The crypto community on Xinterprets this speech as a potential farewell address, especially in light of the upcoming transition following Donald Trump’s victory in the US presidential election. Investors anticipate that the Trump administration will appoint a pro-crypto chairman to lead the SEC. “I will fire Gary Gensler on day one,” Trump pledged during the Bitcoin 2024 conference.
Brad Garlinghouse, CEO of Ripple Labs, echoed these sentiments on X: “Joined Cantor’s annual Crypto Conference today – safe to say that the US is ready to be the crypto capital of the world with the next Trump Administration. Also an apt shirt to wear..on perhaps what are Gary Gensler’s last days in office?!” After Gensler’s resignation, there’s speculation that the SEC might reconsider its appeal against Ripple Labs, potentially alleviating regulatory pressures that have weighed heavily on the XRP price over the last years.
#2 Regulatory Tailwinds For XRP Under Trump
The anticipated policy shift under the incoming Trump administration is another critical factor contributing to the XRP price appreciation. The administration is reportedly preparing to adopt a more permissive stance toward crypto, with plans to appoint industry-friendly candidates to key regulatory positions.
“Chatted with Tony Romm about how the incoming Trump Administration is already engaging proactively with the crypto industry on clear rules of the road… what a breath of fresh air!” Garlinghouse remarked today on X.
Further emphasizing the potential positive impact, Garlinghouse stated via X: “I’ve shared some thoughts on what the Trump administration could mean for crypto and wanted to also recognize the XRP family’s patience and unwavering support. A lot has happened since XRP was the 2nd most valuable digital asset. It’s been – at times – a frustrating journey. ~6 years since the SEC started meddling in the crypto market, picking winners and losers… ~4 years since the SEC sued Ripple.
He added, “Now FINALLY we see a light at the end of the tunnel as these external (frankly unnatural and manipulative) market factors fade. The tides are shifting, headwinds are turning to tailwinds, and the opportunity for those of us who believe in the future for XRP is enormous!” #3 Increased XRP Whale Activity 
Whale activity, indicative of large-scale investments by major holders, has also played a significant role in the XRP price surge. On-chain analysis firm Santiment reports on X: “Wallets with at least 1M XRP now hold a combined 45.61B tokens, their highest amount held since June 2018. In the past 2 years, whales & sharks have reversed course and accumulated 3.44B more XRP, a +8.16% increase. Traders have enjoyed a +40% return in the past 7 days.”
 #4 Technical Breakout 
Complementing the fundamental drivers are technical factors contributing to the XRP price action. XRP has broken above a six-year-long symmetrical triangle pattern, a significant technical indicator that suggests the potential for sustained upward momentum. Historically, such breakouts have preceded notable price increases, and in XRP’s case, the price had previously declined by as much as 97% during the formation of this pattern.
At press time, XRP traded at $0.85.