The XRP price has experienced its most significant 24-hour surge in years, reaching its highest level in over two years. Notably, XRP climbed approximately 22% within hours to hit $0.8386, sparking discussions about its renewed potential in the crypto market.
Key Drivers Behind XRP’s Sudden Rally
1. SEC Chair Gary Gensler’s Potential Resignation
SEC Chairman Gary Gensler, known for his stringent regulatory stance on Ripple and XRP, recently hinted at a possible resignation. His remarks, interpreted as a farewell speech, fueled optimism among investors. This aligns with expectations under the incoming administration, which has pledged a more crypto-friendly agenda.
👉 How regulatory shifts impact crypto markets
2. Ripple’s Legal Progress Against the SEC
A recent favorable court ruling for Ripple further boosted XRP’s momentum. Judge Phyllis Hamilton granted a joint motion to pause state law claims until the SEC lawsuit concludes, marking another incremental win for Ripple ahead of the trial slated for January 2025.
Implications of Gensler’s Departure for XRP
Regulatory Clarity and Market Confidence
- Lawsuit Resolution: A new SEC leadership might drop the appeal against Ripple, expediting the case’s resolution.
- Broader Crypto Policies: A shift toward lighter regulations could pave the way for XRP ETFs and institutional adoption.
Long-Term Price Potential
With political and regulatory tailwinds, XRP could break its multi-year stagnation. Analysts speculate targets beyond $1 if institutional inflows materialize.
FAQs: XRP’s Surge and Future Outlook
Q: Why did XRP surge despite a bearish market?
A: The combination of Gensler’s potential exit and Ripple’s legal progress ignited bullish sentiment.
Q: Could XRP reach $1 soon?
A: Yes, if regulatory hurdles ease and trading volume sustains, $1 is a plausible near-term target.
Q: How does Trump’s presidency affect XRP?
A: His pro-crypto platform may accelerate SEC reforms, benefiting XRP’s adoption.
👉 Explore XRP trading strategies
Current Status: XRP trades at $0.81 (as of latest data).
Price chart sourced from TradingView.
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