XRP Price Defies Bearish Crypto Trend, Rallies 6%: Key Drivers Revealed

In a notable display of resilience amidst a broadly subdued crypto market, XRP has surged 6.7% in the last 24 hours. Following a dip to as low as $1.90 on December 10, the asset is once again trading above $2.36, defying the predominantly bearish sentiment that has taken hold of the altcoin sector. While most altcoins have posted losses or traded sideways over the same period, and Bitcoin has registered only a modest 0.7% gain, XRPs recent outperformance stands out as a clear anomaly. So, why Is XRP outperforming the crypto market? #1 Imminent Launch Of Ripples Stablecoin RLUSD A key catalyst behind XRPs rally appears to be the imminent launch of Ripples long-discussed stablecoin, RLUSD. Yesterday, Ripple CEO Brad Garlinghouse confirmed via X that RLUSD had secured a pivotal regulatory approval. He stated: This just inwe have final approval from NYDFS for RLUSD! Exchange and partner listings will be live soon and reminder: when RLUSD is live, youll hear it from Ripple first. Related Reading: Analyst Sets $4.40 XRP Target As 3rd-Straight Bull Pennant Forms RLUSD, currently in beta testing on both the Ethereum network and the XRP Ledger (XRPL), has sparked enthusiasm within the XRP community. Members speculate that the stablecoins introduction could catalyze increased liquidity and utility for XRP, and the anticipation may be contributing to a surge in speculative interest and so-called FOMO (fear of missing out). #2 Strong XRP On-Chain Activity On-chain analysis from Santiment points to encouraging metrics for XRP. The firm noted that Mean Dollar Invested Age is flashing a bullish signal, highlighting that younger coin age distributions often precede continued rallies. According to Santiment, the Mean Age of investment for XRP is 865 days (22% younger in 14 weeks). Thus, activity on the XRP network is increasing, with historically similar patterns not reversing until these key indicators start reversing. Related Reading: Weekly Bull Flag Appears On XRP Price Chart, Why A Double-Digit Is Still Feasible This is one of the key indicators throughout the history of each coins lifespan that helps validate that a bull market can and should continue. The 2017 and 2021 bull markets similarly did not come to a halt until assets mean ages started going up (getting older) again. Though short-term price volatility can continue to be expected, consider this a very valuable bode of confidence if you remain bullish on market prices in the mid and long term, Santiment states. #3 Whales Buy The Dip Amid Bullish Technical Setup From a technical perspective, the XRP price structure remains extremely bullish on the higher time frames. On the daily chart, XRP managed to hold support above the April 2021 high at $1.96, rebounding swiftly towards the 1.272 Fibonacci extension level near $2.42, where it currently hovers. A sustained break above $2.42 could further reinforce the bullish narrative. Notably, whales recognized the chance and bought the retracement. Crypto analyst Ali Martinez noted via X: In the recent dip, whales bought over 100 million XRP! Featured image created with DALL.E, chart from TradingView.com

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Why Is XRP Price Up Today? Key Reasons Explained

The XRP price is experiencing a significant uptick, rising 20% over the past two days and an impressive 47% in the last five days. The surge can be attributed to a confluence of factors, including speculation surrounding SEC Chairman Gary Gensler’s potential resignation, favorable regulatory tailwinds under the incoming Trump administration, increased whale activity, and [...]

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XRP Surges To $0.74, Reaching Its Highest Price Since Mid-March: Heres Why

Over the past nine days, XRP has experienced a significant rally, climbing from $0.4957 on November 4 to a peak of $0.7407 today on Binancea surge of over 50% at one point. Approximately 30% of this ascent occurred within the last 48 hours. However, following this rapid rise, XRP saw a sharp correction, retreating by -12% to $0.65 as of press time. These are the key reasons for the rally: #1 XRP Funding Rates and Social Dominance Spike One of the primary drivers behind the XRP price surge appears to be heightened social media activity and shifts in funding rates. On-chain analytics firm Santiment noted via X that the XRP community “has erupted with excitement and discussions related to crypto’s #7 market cap,” with over 4% of all coin discussions currently related to XRP following its 45% breakout over an eight-day span. The firm emphasized that surpassing $0.74, XRP’s year-high back in March, will largely depend on FOMO staying at bay, and funding rates on large exchanges like Binance not getting too weighed down by longs. Related Reading: XRP Price Patterns And 2024 Election Spark Talk Of A New Rally Santiment’s analysis highlighted that the ratio of Binance XRP long versus short positions has reached its highest point since March 31, indicating strong bullish sentiment among traders. They also observed that previous spikes in social dominance, such as those at the beginning of August, served as perfect top signals, suggesting that the current surge in social discussions could precede a market correction. Conversely, Santiment also pointed out that the previous social spike marked a bottom signal. #2 Gensler Resignation This Week? Speculation about potential regulatory changes is also influencing XRP’s market dynamics under the Trump administration. Pro-crypto lawyer James “MetaLawMan” Murphy shared an intriguing timeline via X, drawing parallels between US presidential elections and the resignations of SEC chairs. Related Reading: Could XRP Explode After US Elections? Data Hints At Massive 60,000% Rally He noted that after the 2016 and 2020 elections, SEC chairs Mary Jo White and Jay Clayton announced their resignations shortly after the results. Murphy suggested that with the 2024 election, there could be expectations for current SEC Chair Gary Gensler to resign, posting, “Hey Gary Gensler, we’re waiting.” Time to say Goodbye Gary! Nov. 8, 2016: Trump elected Nov. 14, 2016: Mary Jo White (SEC Chair) announces her resignation Nov. 3, 2020: Biden elected Nov. 16, 2020: Jay Clayton announces resignation Nov. 5, 2024: Trump elected Nov. __, 2024: Hey @GaryGensler, we’re waiting MetaLawMan (@MetaLawMan) November 12, 2024 This speculation is particularly significant for the XRP community because of the ongoing legal battle between Ripple and the SEC. President-elect Donald Trump has explicitly stated his intention to remove Gensler from his position on his first day in office, citing the need for a more crypto-friendly SEC chairmana statement he made at the Bitcoin 2024 conference. Ripple CEO Brad Garlinghouse has shown strong support for this potential change, urging Trump to appoint replacements more favorable to the crypto industry, such as Chris Giancarlo, Brian Brooks, or Dan Gallagher. Garlinghouse highlighted the need for regulatory clarity, especially concerning digital assets like Ethereum and XRP. The speculation among some Ripple supporters is that Gensler’s removal could lead to a more favorable outcome for Ripple, potentially through the SEC dropping its appeal in the case. The market seems to be reacting to this speculation, with investors possibly trying to front-run the news in anticipation of a settlement or regulatory shift. At press time, XRP traded at $0.65. Featured image created with DALL.E, chart from TradingView.com

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