TL;DR
- XRP surged 15%, reaching $0.84, amid speculation of SEC Chair Gary Gensler’s potential resignation and ongoing SEC lawsuits.
- The price increase is driven by market sentiment and significant whale accumulation, with wallets holding at least 1 million XRP reaching their highest balance in 65 months.
- Gensler’s hinted departure and lawsuits from 18 U.S. states against the SEC have boosted market sentiment, creating a bullish outlook for XRP.
XRP, the native cryptocurrency of Ripple, has experienced a significant surge, rising by 15% amid speculation surrounding the potential resignation of SEC Chair Gary Gensler and ongoing SEC lawsuits. This price increase has pushed XRP to its highest level since July 2023, reaching $0.84.
🐳 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. pic.twitter.com/nzYNU3CJyW
— Santiment (@santimentfeed) November 14, 2024
The surge is attributed to a combination of market sentiment and substantial whale accumulation, with wallets holding at least 1 million XRP reaching their highest balance in 65 months. At the time of writing, XRP continues its upward trend, trading at $0.82, increasing nearly 16% in the last 24 hours.
Gensler’s Potential Exit
The speculation about Gensler’s resignation has been fueled by his recent remarks at the Practising Law Institute’s 56th Annual Conference on Securities Regulation. Gensler hinted at his imminent departure, stating that he was proud of his colleagues at the SEC and their efforts to protect American families on the financial highways.
This potential shift in leadership is seen as a positive development for the crypto industry, which has faced stringent regulatory actions under Gensler’s tenure.
Impact of SEC Lawsuits
Adding to the market dynamics, 18 U.S. states have filed lawsuits against the SEC, accusing the agency of unconstitutional overreach in its regulatory actions against the crypto industry. The lawsuits, led by states like Texas, Florida, and Kentucky, argue that the SEC’s enforcement strategy has stifled innovation and infringed on states’ rights to regulate their economies.
This legal challenge has further boosted market sentiment, as investors anticipate a more favorable regulatory environment under the incoming Trump administration.
Whale Accumulation and XRP Market Sentiment
Whale activity has played a crucial role in XRP’s recent price surge. According to data from Santiment, crypto whales have accumulated approximately 3.44 billion XRP tokens over the past two years.
This accumulation has created substantial buying pressure, contributing to the altcoin’s upward momentum. Additionally, social media discussions about XRP have increased, with the token making up over 4% of all crypto-related conversations.
The combination of Gensler’s potential exit, ongoing SEC lawsuits, and significant whale accumulation has created a bullish outlook for XRP. Market analysts suggest that if these trends continue, XRP could see further gains, potentially reaching new highs in the coming months.