Key Takeaways:
- Consensys CEO Joe Lubin’s comment about the possible dismissal of SEC crypto cases has led to speculation about the Ripple case drop.
- Ripple’s XRP surges amid the controversial comment and the possible departure of SEC chairperson, Gary Gensler.
- The coin rose by 16% in the last 24 hours amid Bullish community sentiment and the Fear & Greed indicating “Extreme Greed”.
The XRP, one of the top cryptocurrencies in the market, has surged over 15% in the last 24 hours. XRP is a cryptocurrency and the native token of the famous open-source XRP Ledger. It was founded by David Schwartz, Jed McCaleb, and Arthur Britto in the year of 2012. Due to its swift, efficient, carbon-neutral delivery, Ripple uses the XRP technology in its solutions. In this article, we will discuss the coin’s ongoing bull run, the factors that influenced the sudden surge, and also look into how the coin will fare in the market in the coming days.
XRP Current Market Standing
Based on the market capitalization, the XRP token is currently ranked #7 in the crypto world. The coin is currently trading at $0.8002 with an uptrend of 16.31% in the last 24 hours. The coin’s bull run started on the 11th of this month following the US presidential election and Trump’s victory. At that time, the coin was trading at $0.5510. From there, the coin started to gain momentum in the market rapidly.
The coin has registered an increase of $0.2502 in the last 5 days. With a total circulating supply of 56.93 billion, the coin’s market capitalization now stands at $45.55 billion. The trading volume of the coin in the last 24 hours is $11.26 billion, which registers a growth of 76.94%. If the market trends continue to favor the coin in the coming days, we can see a further spike in its value pretty soon.
SEC Leadership Change & XRP Rally
In a comment on social media, Consensys CEO Joe Lubin predicted that the US courts would likely dismiss or settle most crypto lawsuits filed by the SEC. One of these cases includes Ripple’s battle with the SEC. Therefore, the comment greatly contributed to the coin’s momentum in the market.
As Trump emerged victorious in the US Presidential Election, he introduced a new Department of Government Efficiency. There is another matter regarding the SEC leadership change. The SEC’s current leader is Gary Gensler. He was the one who was spearheading many cases against prominent crypto giants. Gensler had hinted about his departure from the department at the Practising Law Institute’s 56th Annual Conference on Securities Regulation that was held yesterday, 14th of November.
The next chairman will likely be a more crypto-friendly person, as Trump is in charge now. Meanwhile, the listing of the XRP on the Robinhood exchange has boosted its popularity and exposure among US retail investors. These are the main reasons behind the coin’s sudden surge in the market.
XRP Price Prediction
Based on the opinions of various marketing experts and with the consultation of numerous tier-1 analysts, we have put together a price prediction table for the XRP coin. It depicts the potential price and ROI of the coin for the coming years. If you want to get insights into the coin’s future, kindly refer to it.
| Year | Min Price | Avg Price | Max Price | Potential ROI |
|---|---|---|---|---|
| 2024 | $ 0.512088 | $ 0.128238 | $ 1.072264 | 34.16% |
| 2025 | $ 0.569062 | $ 1.328855 | $ 2.45 | 206.97% |
| 2026 | $ 0.633612 | $ 0.874932 | $ 1.32522 | 665.94% |
| 2027 | $ 0.666853 | $ 0.881748 | $ 1.246471 | 56.23% |
| 2028 | $ 0.529753 | $ 0.957943 | $ 1.670036 | 109.3% |
| 2029 | $ 0.645729 | $ 2.20 | $ 4.48 | 461.66% |
| 2030 | $ 0.777126 | $ 1.262652 | $ 2.18 | 173.91% |
While referring to the table, keep in mind that the above-given prices are susceptible to changes in market trends and can vary accordingly.
Is It a Good Time To Buy The XRP Token?
The market sentiment of the coin is showing “Bullish“. Various marketing experts are predicting that the XRP coin will rise by 14.51% and reach $0.917792 by the end of the first half of December.
The coin has also recorded 18/30 (60%) days to be trading in green with the Fear & Greed Index indicating a value of 80. This symbolizes “Extreme Greed”. The volatility rate of the coin is showing 9.45% based on the data from the last 30 days. Based on this forecast, it is a good time to get into XRP trading.
However, you need to keep in mind that the crypto market is an extremely volatile place. The price of the coin can vary heavily depending on the trends in the market. So, it would be better for you to conduct thorough research on the market trends before proceeding with the investment.