XRP Surges To $0.74, Reaching Its Highest Price Since Mid-March: Here’s Why
13 Novembro 2024 - 9:30AM
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Over the past nine days, XRP has experienced a significant rally,
climbing from $0.4957 on November 4 to a peak of $0.7407 today on
Binance—a surge of over 50% at one point. Approximately 30% of this
ascent occurred within the last 48 hours. However, following this
rapid rise, XRP saw a sharp correction, retreating by -12% to $0.65
as of press time. These are the key reasons for the rally: #1 XRP
Funding Rates and Social Dominance Spike One of the primary drivers
behind the XRP price surge appears to be heightened social media
activity and shifts in funding rates. On-chain analytics firm
Santiment noted via X that the XRP community “has erupted with
excitement and discussions related to crypto’s #7 market cap,” with
over 4% of all coin discussions currently related to XRP following
its 45% breakout over an eight-day span. The firm emphasized that
surpassing $0.74, XRP’s year-high back in March, will largely
depend on “FOMO staying at bay, and funding rates on large
exchanges like Binance not getting too weighed down by longs.”
Related Reading: XRP Price Patterns And 2024 Election Spark Talk Of
A New Rally Santiment’s analysis highlighted that the ratio of
Binance XRP long versus short positions has reached its highest
point since March 31, indicating strong bullish sentiment among
traders. They also observed that previous spikes in social
dominance, such as those at the beginning of August, served as
perfect top signals, suggesting that the current surge in social
discussions could precede a market correction. Conversely,
Santiment also pointed out that the previous social spike marked a
bottom signal. #2 Gensler Resignation This Week? Speculation about
potential regulatory changes is also influencing XRP’s market
dynamics under the Trump administration. Pro-crypto lawyer James
“MetaLawMan” Murphy shared an intriguing timeline via X, drawing
parallels between US presidential elections and the resignations of
SEC chairs. Related Reading: Could XRP Explode After US Elections?
Data Hints At Massive 60,000% Rally He noted that after the 2016
and 2020 elections, SEC chairs Mary Jo White and Jay Clayton
announced their resignations shortly after the results. Murphy
suggested that with the 2024 election, there could be expectations
for current SEC Chair Gary Gensler to resign, posting, “Hey Gary
Gensler, we’re waiting.” Time to say Goodbye Gary! Nov. 8, 2016:
Trump elected Nov. 14, 2016: Mary Jo White (SEC Chair) announces
her resignation Nov. 3, 2020: Biden elected Nov. 16, 2020: Jay
Clayton announces resignation Nov. 5, 2024: Trump elected Nov. __,
2024: Hey @GaryGensler, we’re waiting — MetaLawMan (@MetaLawMan)
November 12, 2024 This speculation is particularly significant for
the XRP community because of the ongoing legal battle between
Ripple and the SEC. President-elect Donald Trump has explicitly
stated his intention to remove Gensler from his position on his
first day in office, citing the need for a more crypto-friendly SEC
chairman—a statement he made at the Bitcoin 2024 conference. Ripple
CEO Brad Garlinghouse has shown strong support for this potential
change, urging Trump to appoint replacements more favorable to the
crypto industry, such as Chris Giancarlo, Brian Brooks, or Dan
Gallagher. Garlinghouse highlighted the need for regulatory
clarity, especially concerning digital assets like Ethereum and
XRP. The speculation among some Ripple supporters is that Gensler’s
removal could lead to a more favorable outcome for Ripple,
potentially through the SEC dropping its appeal in the case. The
market seems to be reacting to this speculation, with investors
possibly trying to front-run the news in anticipation of a
settlement or regulatory shift. At press time, XRP traded at $0.65.
Featured image created with DALL.E, chart from TradingView.com
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