XRP Price Surges 20% in Two Days Amid Speculation and Whale Activity
The XRP price has increased by 20% in two days and 47% in five days, driven by factors including speculation about SEC Chairman Gary Gensler's potential resignation, favorable regulatory changes expected under the incoming Trump administration, increased whale activity, and a significant technical breakout.
#1 Speculation About SEC Chairman Gary Gensler’s Resignation
Speculation regarding Gary Gensler's possible resignation as Chairman of the U.S. Securities and Exchange Commission (SEC) is influencing XRP's price. On November 14, Gensler spoke at the Practicing Law Institute’s annual conference, praising the SEC's work. The crypto community interprets this speech as a potential farewell, especially with Donald Trump's anticipated return to the presidency, during which he may appoint a pro-crypto SEC chairman. Trump stated, “I will fire Gary Gensler on day one.”
Ripple Labs CEO Brad Garlinghouse expressed similar sentiments, suggesting that the U.S. could become the crypto capital under the next Trump administration. Following Gensler’s resignation, the SEC might reconsider its appeal against Ripple Labs, potentially easing regulatory pressures on XRP.
#2 Regulatory Tailwinds For XRP Under Trump
The expected policy shift under the incoming Trump administration is another factor boosting XRP's price. Reports indicate a more permissive stance towards crypto and plans to appoint industry-friendly candidates to regulatory positions. Garlinghouse noted proactive engagement between the Trump administration and the crypto industry regarding clear regulations.
He highlighted the long journey since the SEC's involvement in the crypto market and expressed optimism about future opportunities for XRP as external market pressures diminish.
#3 Increased XRP Whale Activity
Whale activity has significantly contributed to XRP's price increase. On-chain analysis from Santiment indicates that wallets holding at least 1 million XRP now possess a total of 45.61 billion tokens, the highest since June 2018. In two years, large holders have accumulated an additional 3.44 billion XRP, reflecting an 8.16% increase, resulting in a 40% return for traders in the past week.
#4 Technical Breakout
XRP has broken above a six-year symmetrical triangle pattern, a key technical indicator suggesting potential upward momentum. Historical precedents show that such breakouts often lead to significant price increases; previously, XRP saw a decline of up to 97% during this formation.
At press time, XRP traded at $0.85.
