XRP has reached a new all-time high of $3.37, surpassing its previous peak from 2017, as confirmed by multiple exchanges including Binance, Kraken, and Bitfinex. This surge is driven by rising market optimism, fueled by developments such as SEC Chairman Gary Gensler’s impending departure and favorable court rulings for Ripple Labs.
The coin’s price hike is also attributed to significant whale activity and an uptick in economic news and market interest. A recent report by Whale Alert highlighted a transfer of 30 million XRP (approximately $76.1 million) from the South Korean exchange Upbit to an unidentified wallet, which sparked further market attention. Large transfers like these often signal active participation from major holders and may hint at potential price shifts.
Market analyst EGRAG Crypto has identified a “Megaphone Bottom” pattern in XRP’s price chart, which historically has a 70% success rate in predicting future price increases. Based on this pattern, XRP could potentially rise to $8. Additionally, another analyst, World of Charts, notes that XRP has recently exited a symmetrical triangle pattern, suggesting further upward movement, possibly reaching $4.
Despite the recent price surge, Ripple is still embroiled in a high-stakes legal battle with the U.S. Securities and Exchange Commission (SEC), which has significant implications for XRP’s future. The SEC has until January 15 to file a brief in an appeal concerning the classification of certain XRP sales as securities. The outcome of this case is eagerly awaited, as it could reshape the regulatory landscape for the cryptocurrency industry.
Legal uncertainty surrounding Ripple’s case may shift when SEC leadership changes on January 20, with Gary Gensler and Commissioner Caroline Crenshaw stepping down. New leadership, including Paul Atkins—who is viewed as more cryptocurrency-friendly—could influence how the agency approaches Ripple’s ongoing legal challenges.
In the derivatives market, XRP’s open interest has surged by 22.66%, reaching a record $7.7 billion, according to Coinglass. Positive funding rates further signal growing optimism among traders. Analysts, including Ryan Lee, Chief Analyst at Bitget Research, attribute this growth to expectations that the legal battle may soon come to an end, coupled with increased political support for cryptocurrency in the U.S.
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