The XRP coin price has finally gained momentum after trailing major altcoins in the bull run that followed the election. It now stands at $0.72, the highest level since July 2023. Ripple token has gained 18% in the past 24 hours. It is now among the top gainers of today, including BONK, XLM DOGE AKT NEIRO FLOKI.
XRP has a market capitalization of nearly 41 billion dollars, just ahead of USDC with $36.5 billion. CoinMarketCap says that this altcoin is the seventh largest cryptocurrency.
Twitter/X Analyst @MilkybullCrypto tweeted earlier this week about the upcoming strong rally for XRP. The analyst is targeting $2 by 2024. Analyst @MilkybullCrypto expressed his confidence that XRP would follow the DOGE path, leading to a massive surge.
The @Cryptoinsightuk also expressed a similar opinion, stating that XRP could post gains similar to DOGE or ADA. They suggested that if the price breaks through resistance of $0.66, it may reach $1 and possibly hit the next resistance level at $1.28.
@DefendDark, another well-known XRP bear made an even more bold prediction. He predicted that the XRP would reach $5.85 by aiming for $1.03 or $1.88. The analyst believes that the fact that the multi-year resistance has been destroyed is a positive sign for altcoins.
This strong bullish trend for XRP may have been boosted in part by persistent rumors about Ripple CEO Brad Garlinghouse meeting with Donald Trump to talk crypto regulations.
The speculations are not without substance. Zach Rector, a Crypto YouTuber, was the first person to make hints about Garlinghouse meeting Trump. He did so in a subtle way as he poked fun at Cardano’s Charles Hoskinson.
Ripple met Trump. Charles has spoken about it. He tweeted “Big difference …”” in reference to Cardano’s founder’s announcement to collaborate with Trump’s government on future crypto policies. Hoskinson told the Cardano Community during the livestream that “it is very clear I will be involved to some extent in influencing the policy in the United States.”
As of yet, Trump’s staff has not confirmed Hoskinson’s involvement. According to what’s known, Cardano is opening an office in Washington DC for the purpose of lobbying crypto. Trump has promised to listen to representatives from the crypto industry in order to help shape future legislation affecting the sector.
Brad Garlinghouse noticed Zach Rector’s post about Ripple meeting Trump. As can be seen in the screenshot Rector shared, the Ripple CEO liked the tweet. The XRP Community interpreted the Like as a confirmation of the actual meeting.
Gary Gensler’s shadow has Ripple still in a chokehold
Ripple’s never-ending legal battle with the SEC is one of the factors behind XRP’s modest gains compared to altcoins. This case goes back to the year 2020. The most recent developments are the SEC’s appeal of Judge Torres 2023 ruling in Ripple’s favor.
Donald Trump made many bold promises during his campaign to the crypto-community. One of these was his promise to fire Gary Gensler as the SEC chair. This official, who has been the number one enemy of crypto for many years now due to his countless lawsuits filed against digital asset businesses during his tenure in absence of clear regulations on digital assets, is about to change. This is expected to soon change under Trump. He will appoint an SEC head who has a crypto-friendly attitude.
Eleanor Terrett, a Fox Business journalist, shared earlier this month on Twitter/X her source, who was not named, close to Trump’s inner circle, promising that the next SEC chair will be pro-crypto. This sparked the hopes of XRP Bulls and the broader cryptocurrency community.
US Attorney Jeremy Hogan thinks that Trump’s new SEC chief will dismiss any crypto-lawsuits filed against Coinbase or other US crypto firms. SEC commissioners are likely to approve the recommendations of the litigation team to dismiss cases. Three will be Republicans.
Hogan also predicts Ripple will settle its case for $125m, which is the amount ordered by Judge Torres August 2023. It would be “awkward”, he says, to settle the case for anything less. Hogan warned that the system would need time to get into motion. Therefore, any major legal developments should not be expected in January but before summer.
The resolution of Ripple’s legal dispute with SEC, whatever the result may be, will open up new opportunities for growth for the company. This will also likely clear the way for XRP’s ETF, and Ripple may revisit its IPO options.
