XRP has shown a significant rally, reaching $1 with a 97% gain this week. This surge is driven by a combination of factors including Ripple's legal victories and rumors of SEC Chairman stepping down.
Reasons for XRP's Rise
The recent surge in XRP's price is linked to pivotal moments in the ongoing battle between Ripple and the U.S. Securities and Exchange Commission (SEC). If Gary Gensler does indeed resign, speculation suggests the SEC might drop its appeal, providing Ripple with a significant legal advantage.
Factors Influencing the Rate
The tension in the legal proceedings has eased as a judge paused some claims by the SEC, positively affecting investor sentiment. Additionally, the incoming administration may support cryptocurrency innovation and clearer regulations, including potential crypto ETF approvals, which would be favorable for XRP. Large holders of XRP, or whale and shark wallets, have been actively accumulating, indicating sustained bullish sentiment in the market.
Experts' Predictions
Experts predict further rallies as XRP has broken the $1 mark. If XRP continues to gain real-world utility, its price could climb to similar heights seen during 2017-2018, potentially reaching $3.
The introduction of real-world utility for XRP could further increase its price. Optimism around Ripple's successes and supportive external factors suggests a promising outlook for XRP's price.
