XRP Leads Altcoin Rally with 16% Surge Amid Regulatory Optimism, Eyes $1 Target

XRP has emerged as the top performer among the top 100 cryptocurrencies, surging over 16% in the past 24 hours. The price of XRP is currently trading at $0.8035, marking its highest level in 2023, and extending its seven-day gains to an impressive 45.9%. The rally is being driven by growing regulatory optimism and speculation about significant changes in the U.S. government under President Donald Trump’s potential second term.

Key Drivers Behind XRP’s Price Surge

Several factors are contributing to XRP’s bullish momentum:

1. Speculation Around Gary Gensler’s Departure: Rumors surrounding U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler’s potential resignation have sparked excitement within the crypto community. On November 14, Gensler referred to his time at the SEC as “a great honor,” fueling further speculation about his retirement. Some believe that his departure could prompt the SEC to reverse its latest appeal in the ongoing case against Ripple Labs, bringing an end to the six-year legal battle. The prospect of a favorable resolution for Ripple could result in a sharp price rally for XRP.
2. Trump’s Impact on Cryptocurrency Regulations: Another major factor contributing to the surge in XRP’s price is the expectation that Donald Trump, if elected for a second term, will follow through on his promise to remove Gensler from the SEC and implement more crypto-friendly regulations. Rumors that Trump could eliminate capital gains taxes on cryptocurrencies issued by U.S. companies have added to the positive sentiment surrounding tokens like XRP.
3. Partnership with Société Générale’s SG-FORGE: XRP’s bullish momentum was further amplified by the announcement that SG-FORGE, the digital asset subsidiary of French bank Société Générale, will deploy its euro-backed stablecoin EUR CoinVertible (EURCV) on the XRP Ledger (XRPL). This partnership is seen as a major endorsement for XRP’s network, driving further adoption of the token.

XRP Outperforms Broader Market Trends

XRP’s impressive price surge is particularly notable because it comes on a day when the broader cryptocurrency market saw a decline. Bitcoin, Ethereum, Solana, and Binance Coin all experienced losses of 4-6% over the past 24 hours. This downward movement was driven by profit-taking after recent gains and comments from Federal Reserve Chair Jerome Powell, who dampened expectations for imminent rate cuts, further hurting market sentiment.

Despite this, XRP has managed to stand out, with its bullish catalysts continuing to drive the token higher. Analysts are increasingly optimistic about XRP’s future price action, with many predicting that it could break through the $1 mark in the near term.

Analysts Eye $1 and Beyond

Several crypto analysts are forecasting further gains for XRP, with targets reaching as high as $1 by the end of the week. Analyst Dark Defender suggests that if XRP can hold above the support level of $0.7496 and secure $0.76, the formation of a potential bull flag pattern on the daily XRP/USD chart could push the price to $1.03 by the end of the week.

Another trader, BigMike, has an even more bullish outlook, pointing out that XRP has recently broken out of a large symmetrical triangle pattern that has been forming since mid-2020. According to BigMike, this breakout could potentially lead to a price surge as high as $8 during the current market cycle.

Surging Activity in XRP Futures Market

In addition to price movements, the futures market for XRP has also seen a surge in activity. Data from CoinGlass shows that open interest in XRP futures has jumped from a low of $680 million to over $1.3 billion as of November 15. This dramatic increase in open interest reflects growing trader participation and suggests that market participants are positioning for further upside, potentially helping XRP reach the bullish targets set by analysts.

As of now, XRP’s bullish outlook continues to gather momentum, with several catalysts in play that could propel the token toward $1 and beyond. If the altcoin maintains its upward trajectory, it could further cement its position as a leading cryptocurrency in the market.