{"id":24454,"date":"2024-11-29T09:17:57","date_gmt":"2024-11-29T09:17:57","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=24454"},"modified":"2024-11-29T09:17:57","modified_gmt":"2024-11-29T09:17:57","slug":"why-is-the-ripple-xrp-price-up-today-3","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=24454","title":{"rendered":"Why is the Ripple (XRP) Price Up Today?"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

XRP hit a three-year high, possibly driven by multiple bullish factors.<\/span>
\nOne of those include a potential resolution of the Ripple v. SEC case as Gary Gensler prepares to step down.<\/p>\n

<\/a><\/span><\/h2>\n

XRP on the Run<\/h2>\n

Ripple\u2019s XRP is the best-performing top 20 cryptocurrency today (November 29). Its price jumped to almost $1.63, a level last observed in the spring of 2021. Currently, it trades at around $1.61 (per CoinGecko\u2019s data), representing a 10% daily increase and a staggering 200% pump in the past month.
\n<\/span><\/p>\n

<\/a>XRP Price, Source: CoinGecko<\/p>\n

One factor potentially contributing to its rally is the recent development surrounding Ripple\u2019s stablecoin RLUSD. Earlier this week, X user Vet <\/span>claimed<\/span><\/a> that almost all tokens have <\/span>been burned<\/span>, sparking rumors that the product\u2019s launch is incoming. However, Monica Long (Ripple\u2019s president) recently <\/span>said<\/span><\/a> that RLUSD will see the light of day once it receives regulatory approval from the NYDFS.<\/span><\/p>\n

Another element could be the increased speculation that the legal battle between Ripple and the US Securities and Exchange Commission (SEC) might be drawing to an end. Several days ago, the regulator\u2019s Chairman, Gary Gensler, announced<\/a> he will step down in January next year. He is known for his anti-crypto stance, and unsurprisingly, the XRP army cheered the news of his upcoming departure.<\/span><\/p>\n

The community now expects a pro-crypto leader and a favorable outcome to the lawsuit that has been ongoing for almost four years.\u00a0<\/span><\/p>\n

Several experts believe Ripple <\/span>might indeed<\/span> benefit from the shift.<\/span> The American attorney Jeremy Hogan <\/span>forecasted<\/span><\/a> that the agency could drop all non-fraud crypto lawsuits filed over the years. He thinks <\/span>the Ripple case could be settled<\/span> for the previously ruled amount of $125 million.\u00a0<\/span><\/p>\n

\u201cIt would be\u2026awkward to settle for less than what was already awarded by a Court!\u00a0<\/span>The Coinbase and other\u00a0<\/span>cases in<\/span> litigation<\/span> will\u00a0<\/span>simply<\/span>\u00a0<\/span>be dismissed<\/span>.<\/span>\u00a0<\/span>This<\/span> will take some time. Not January, but perhaps before summer. That\u2019s my call, and I\u2019m sticking to it,\u201d Hogan said.<\/span><\/p>\n

Chris Giancarlo (former Chairman of the CFTC) also <\/span>envisioned<\/span><\/a> a similar scenario. Earlier this week, he assumed the SEC might dismiss the lawsuit against Ripple under Donald Trump\u2019s administration.<\/span><\/p>\n

Bonus: The Potential ETF<\/span><\/h2>\n

One additional factor <\/span>which might have played a positive effect on<\/span> XRP\u2019s price is <\/span>the latest move from<\/span> Bitwise Asset Management.<\/span> The entity <\/span>submitted<\/span><\/a> a proposal to the SEC for a new ETF that would include ten cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), Bitcoin Cash (BCH), Polkadot (DOT), and Uniswap (UNI).<\/span><\/p>\n

It is important to note that each asset in the crypto index ETF <\/span>is allocated<\/span> a specific share. BTC takes the lion\u2019s share with 75.1%, while XRP accounts for 1.5%.\u00a0<\/span><\/p>\n

The launch of such products has previously resulted in a price rally for the underlying cryptocurrencies. It will be interesting to see if the regulator will approve the development and if it will affect the market.\u00a0<\/span><\/p>\n

The post Why is the Ripple (XRP) Price Up Today?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR XRP hit a three-year high, possibly driven by multiple bullish factors. One of those include a potential resolution of the Ripple v. SEC case as Gary Gensler prepares to step down. XRP on the Run Ripple\u2019s XRP is the best-performing top 20 cryptocurrency today (November 29). Its price jumped to almost $1.63, a level […]<\/p>\n","protected":false},"author":0,"featured_media":6190,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-24454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/24454"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24454"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/24454\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/6190"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}