Ripple, a prominent cryptocurrency company, has faced intense challenges under the Biden administration, particularly in its ongoing legal battle with the US Securities and Exchange Commission (SEC). The company recently made headlines after CEO Brad Garlinghouse confirmed a meeting with former President Donald Trump, sparking excitement and speculation within the crypto community.
However, details about the meeting, such as its location, date, and discussion topics, remain unclear. While the revelation has not been independently verified, it has fueled conversations about XRP’s future in the US economy and regulatory landscape.
Despite the ongoing legal struggles, XRP has shown remarkable growth, with a 76.8% increase in the past week. In just the last 24 hours, XRP surged by 20.5%, outpacing other major cryptocurrencies like Bitcoin, Ethereum, and Solana. On November 5, the price of XRP was approximately $0.5053, but it has since risen by nearly 94.25%. This impressive upward momentum has contributed to renewed interest in the cryptocurrency.
Another factor driving XRP’s recent surge is the growing speculation regarding the potential resignation of Gary Gensler, the Chairman of the SEC. Gensler’s recent comments, where he praised the SEC’s work, have sparked questions about his future role, adding uncertainty to the regulatory environment surrounding cryptocurrencies.
Whale activity has also been a key factor in XRP’s price movement. On-chain analysis reports show that wallets holding at least 1 million XRP have accumulated a significant amount, with these whales now holding a combined 45.61 billion XRP. Over the past two years, these major holders have increased their XRP holdings by 8.16%, which has significantly impacted the token's price.
XRP’s technical indicators also suggest a promising outlook. The cryptocurrency has broken out of a six-year-long symmetrical triangle pattern, which historically has led to significant price increases. This technical breakout could signal a sustained upward momentum for XRP.
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Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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