XRP Surges 16% in 24 Hours, Fueled by Regulatory Optimism Following Donald Trump’s Election

XRP was trading at $0.8035 when writing, leading the gains among the top 100 crypto assets with a 16.6% daily increase.

XRP price surged over 16% in 24 hours, leading the gains among the top 100 crypto assets. The seventh-largest cryptocurrency by market cap soared to $0.8035 at the time of writing, with a 16.6% daily gain. This brought XRP's seven-day gains to 45.9%, reaching its highest level this year, last seen on July 20, 2023.

The XRP rally comes amid heightened speculation on social media about Gary Gensler’s potential departure as SEC Chairman. Rumors of an imminent retirement were sparked by his Nov. 14 note, where he described his tenure at the SEC as “a great honor” and commended his colleagues for their dedication.

As Trump prepares for his second term, members of the crypto community anticipate that he will fulfill his promise to remove the current SEC Chair on his first day in office. The community also speculates that Gary Gensler’s resignation as SEC Chair could prompt the agency to withdraw its latest appeal in the Ripple case, potentially ending the six-year legal battle between Ripple Labs and the securities watchdog.

Moreover, rumors that Trump could eliminate all capital taxes on cryptocurrencies issued by U.S. companies, which could benefit tokens like XRP, have also contributed to the recent bullish sentiment around the altcoin.

Another stimulus adding fuel to XRP’s price surge is the announcement by Société Générale’s digital asset subsidiary, SG-FORGE, that it will deploy its euro-backed stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger (XRPL) network.

The price rally for XRP stands out as it occurs on a day when Bitcoin (BTC) and other major cryptocurrencies, including Ethereum (ETH), Solana (SOL), and BNB (BNB) have declined by 4-6% over the past 24 hours.

The drop is driven by profit-taking after several days of growth and was further impacted by hawkish remarks from Fed Chair Jerome Powell, which dampened market optimism for imminent rate cuts.

However, with several bullish catalysts at play, traders and analysts anticipate a rally toward the $1 mark. Crypto.news analysts also project a similar target, with analyst Dark Defender expecting this to happen as early as the end of the week.

According to the analyst, if the seventh-largest altcoin maintains support above $0.7496 and secures the $0.76 level, a potential bull flag pattern on the 1-D XRP/USD chart could drive the price to a short-term target of $1.03 by the end of the week.

An even more bullish target was projected by trader BigMike, who observed that the token had broken out of a large symmetrical triangle pattern formed since mid-2020 on the 1-M/USD chart. He predicted that the break above the formation could potentially lead XRP to rally as high as $8 this cycle.

Meanwhile, CoinGlass data shows that the open interest in the XRP futures market has also surged from a monthly low of $680 million to over $1.3 billion as of Nov. 15. Such a significant jump in open interest suggests growing trader activity, which could help XRP achieve the bullish targets projected by analysts.