XRP Surges Over 46% Amid Increased Whale Activity and SEC Leadership Changes
Recent market liquidations, driven by a Bitcoin price drop below $88K, have not hindered the performance of Ripple Labs-backed XRP. The large-cap altcoin has achieved a valuation of approximately $80 billion and a daily trading volume around $12 billion, surging over 46 percent in the last week to exceed 80 cents for the first time since July 2023.
Long-term XRP holders are seeing rewards for their patience, with expectations for further gains. XRP's price has broken through a significant resistance level of about 74 cents on the weekly chart. For continued upward momentum, XRP must consistently close above its July 2023 peak to mitigate potential short-term sell-offs. The weekly Relative Strength Index (RSI) has reached 70 percent, marking its highest level since July of the previous year.
If XRP surpasses 91 cents, it will target a new all-time high.
Major Factors Fueling XRP Price Growth
XRP's recent bullish momentum mirrors trends seen across top crypto assets, influenced by the pro-crypto stance of US leaders including President-elect Donald Trump. XRP's growth lagged behind due to an ongoing lawsuit from the US Securities and Exchange Commission (SEC) initiated in late 2020.
The XRP community anticipates relief from SEC pressures under a Trump administration. During a speech at the Practicing Law Institute and the 56th Annual Institute on Securities Regulation in New York, US SEC Chair Gary Gensler suggested possible changes in leadership.
Ripple’s Chief Legal Officer Stuart Alderoty praised the collective action against the SEC by 18 states, led by Nebraska’s Attorney General Mike Hilgers, which argues that the SEC has exceeded its regulatory authority over cryptocurrencies during the Biden administration.
Additionally, Ripple whales holding at least 1 million XRP now possess a total of 45.6 billion tokens, the highest since June 2018. Over the past two years, market intelligence platform Santiment reported that XRP whales and sharks have accumulated over 3.4 billion units, reflecting an 8 percent increase.