XRP Boosted by 25% Amid Market Optimism and Upcoming

Ripple’s
XRP
token
has
been
relishing
a
favorable
market
climate,
with
a
significant
25%
surge
following
the
announcement
of
SEC
Chair
Gensler’s
forthcoming
resignation.
This
upswing
contributes
to
the
altcoin’s
previous
strides,
equating
to
a
monthly
return
of
180%.
However,
the
altcoin
currently
stands
at
approximately
50%
below
its
all-time
high
which
is
pegged
at
$3.30.

This
notable
rally
is
an
extension
of
a
broader
bullish
trend
that
began
to
shape
up
post
the
U.S
elections,
which
marked
the
return
of
Donald
Trump
to
the
Oval
Office
for
a
second
term.
Despite
initially
being
a
crypto
skeptic,
Trump
has
emerged
as
a
proponent
of
the
industry,
committing
to
make
the
U.S
the
“crypto
capital
of
the
world”
and
establish
a
strategic
reserve
of
Bitcoin.
This
has
significantly
stirred
the
crypto
market,
with
anticipation
building
towards
his
inauguration
on
January
20,
2025.

In
tandem,
Bitcoin
is
on
the
brink
of
reaching
the
$100k
mark,
and
altcoins
are
equally
flourishing.
Notably,
Solana
set
a
new
all-time
high
above
$263
on
Friday,
although
it
later
receded
to
$256.
Concurrently,
Ethereum’s
open
interest
reached
a
record
high
of
$20.8
billion,
surpassing
its
previous
high
of
$17
billion
in
May.

XRP’s
rally
over
the
last
24
hours
has
been
impressive,
with
the
momentum
showing
no
signs
of
abating.
Market
indicators
for
XRP
suggest
a
strong
buy
signal
for
traders,
although
a
short-term
correction
is
not
entirely
off
the
table.

As
per
Coinglass,
XRP’s
open
interest,
like
Ethereum,
has
also
hit
an
all-time
high
today
at
$2.61
billion,
following
a
26%
surge
over
the
last
24
hours.
Open
interest
represents
the
total
value
of
outstanding
derivative
contracts,
such
as
futures
and
options,
that
are
currently
active
and
yet
to
be
settled.
It
serves
as
a
crucial
indicator
of
market
sentiment.
In
the
case
of
XRP,
many
traders
seem
to
be
predicting
future
price
movements
to
capitalize
on.

As
the
market
sentiment
currently
leans
towards
bullish
momentum,
the
possibility
of
a
correction
highlights
the
necessity
for
thorough
risk
management.
However,
the
long-term
outlook
for
XRP
remains
promisingly
bullish.

Gensler’s
impending
departure
opens
a
window
for
Ripple
to
arrive
at
a
satisfactory
settlement
with
the
SEC.
In
anticipation,
more
asset
managers
are
preparing
to
introduce
XRP
products
to
the
stock
market.
The
applications
for
spot
XRP
ETF
lodged
by
Bitwise
and
Canary
Capital
are
expected
to
be
approved
by
the
new
SEC
Chair.
Additionally,
global
asset
manager
WisdomTree
announced
the
launch
of
a
similar
product
for
the
European
market
earlier
today.

Crypto
analyst
Ali
Martinez
views
Gensler’s
resignation
as
a
boon
for
XRP,
marking
$2
as
the
next
price
target
for
the
altcoin.
This
sentiment
is
echoed
by
CrediBULL
Crypto,
who
suggests
that
XRP
may
hit
a
new
all-time
high
after
reaching
the
$2
level.

As
the
seat
for
the
next
SEC
Chair
will
soon
be
vacant,
several
names
have
been
circulating
as
potential
candidates.
Among
the
favorites
are
SEC
commissioner
Hester
Peirce,
known
as
“Crypto
Mom”
for
her
support
of
the
industry,
and
pro-crypto
SEC
commissioner
Mark
Uyeda.
Reuters
also
lists
former
SEC
commissioner
Paul
Atkins
and
Robert
Stebbins,
a
partner
at
law
firm
Willkie
Farr
&
Gallagher,
as
likely
candidates.
However,
Robinhood
CLO
Dan
Gallagher,
previously
a
top
contender
for
the
role,
has
recently
withdrawn
his
name
from
consideration.