Why Is XRP Going Up ? Ripple Price Jumps 150% in Two Weeks
As the price of Bitcoin (BTC) rose above $99,000 in the past 24 hours, the altcoin market, led by Ripple Labs-backed XRP, saw significant volatility. XRP price topped $1.4 for the first time since early 2021, rising 27% in the past 24 hours.
XRP prices have soared more than 150% in the past two weeks, taking its fully diluted valuation to a multi-year peak of approximately $140 billion. As a result, XRP has now replaced leading memecoin Dogecoin (DOGE) as the sixth-largest digital asset by market valuation.
Factors affecting the rise of XRP
The era of the SEC’s top seat is over
https://twitter.com/garygensler/status/1859658192298574096?s=46
The main reason for the sharp increase in the price of XRP in the past 24 hours is the announcement of the resignation of current US SEC Chairman Gary Gensler.
As US President-elect Donald Trump seeks to appoint a crypto-friendly SEC chairman, Gensler announced that he will resign on January 20.
Although expected, this news comes as a relief to the XRP community following the appeal of the recent SEC v. Ripple lawsuit.
short squeeze effect
In the past 24 hours, forced liquidations in the cryptocurrency leveraged market totaled $406 million. Most rekt cryptocurrency investors are involved with short traders, amplifying the impact of the ongoing short squeeze.
Notably, the XRP leveraged market liquidated over $25 million.
Therefore, more traders have been eager for XRP price after a successful breakout of the multi-year symmetrical triangle pattern.
Additionally, XRP’s weekly relative strength index (RSI) surged above 70% for the first time since April 2021, indicating a return of bullish sentiment.
Growing demand from whale investors
XRP open interest (OI) surged above $2.1 billion for the first time this year as the instrument rallied above key medium-term targets. Demand for XRP has surged, as evident from its average daily trading volume, which was hovering around $17.3 billion earlier today.
According to on-chain data analysis, XRP whales have actively accumulated in recent years in anticipation of recent legal clarity in the United States.
XRP price could reach its previous all-time high of $3.40, driven by bullish technicals, whale accumulation, and regulatory optimism. Continued momentum and favorable market conditions are key to further growth.
XRP surged as Gary Gensler announced his resignation from the SEC, raising hopes for regulatory clarity, and a $25 million short squeeze boosted bullish momentum. Accumulation by whales and a breakout from a multi-year triangle further fueled the rally.
