XRP has been one of the most trending cryptocurrencies since the last week. The Ripple-backed token fulfilled expectations after it broke the $1 mark and surged to multi-year highs. Today, November 29, XRP jumped by 17% to trade at $1.71, a point not reached since 2021.
Impressively, the coin skyrocketed by over 200% in the last 30 days with no imminent signs of slowing down. Amid the rally, investors are curious to know the factors behind the movement. XRP’s trajectory has been influenced by several economic and political factors. Take a look below.
Source: CoinMarketCap
Why is XRP Price Up Today?
Potential Imminent RLUSD Stablecoin Launch: The first factor potentially triggering the present XRP rally is the anticipation behind the launch of the RLUSD stablecoin. According to an earlier report by 36crypto, Ripple burned nearly all the stablecoins at Treasury. This news sparked speculations about a possible imminent launch of the much-expected stablecoin.
Even though Ripple’s president, Monica Long, highlighted that the company is still awaiting a regulatory nod from the NYDFS, the XRP community’s anticipation has gone off the roof leading to a positive reflection on XRP’s price.
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Anticipated Resolution in Ripple vs. SEC Lawsuit: The second key factor that is driving XRP’s price is the anticipation of a resolution in the Ripple vs. SEC case. Yesterday, a rumor about the court granting an order to expedite judgment went around on social media. Even though the rumor was debunked by legal expert Jeremy Hogan, the effect was seen in the trajectory of XRP within the last day.
However, expectation of a case dismissal has grown in the crypto community fueled by the coming resignation of the current SEC chairman, Gary Gensler. Last week, Gensler announced that he would be stepping down from office on January 20, 2025, the same day Donald Trump would be inaugurated into office. The expectation of a pro-crypto SEC head taking over also triggered the current XRP rally.
Speculated Dismissal of the Ripple vs. SEC Case: While a new pro-crypto administration, led by Donald Trump, would take office in January, many are of the opinion that the case would be dismissed. Several industry experts, including former CFTC chairman, Chris Giancarlo, have forecasted that the incoming administration would drop the case. His prediction falls in line with similar predictions by Jeremy Hogan.
Potential XRP ETF Approval: The last notable factor that is playing a role in the XRP rally is the expectation of an XRP ETF approval. Recently, Bitwise Asset Management submitted an ETF proposal to the Securities and Exchange Commission (SEC) which has ten cryptocurrencies including Avalanche (AVAX), Bitcoin (BTC), Bitcoin Cash (BCH), Cardano (ADA), Chainlink (LINK), Ethereum (ETH), Polkadot (DOT), Ripple (XRP), Solana (SOL), and Uniswap (UNI).
The launch of an ETF product often favors the trajectory of the underlying coin, as seen in the case of Bitcoin and Ethereum. If an XRP ETF were to be approved, XRP’s price could rocket more, surpassing its previous all-time high of $3.4 reached in January 2018.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.