Donald Trump’s historic win in the US presidential election triggered a rally for crypto assets. As a result, Bitcoin and other altcoins like Ethereum, Dogecoin, and Solana are consistently soaring, yet traders wonder why Ripple’s token, $XRP, isn’t showing stronger movement.
I’ll be done with XRP if it doesn’t move this cycle along with many others. It will prove to me that it’s all a scam/elite manipulating system feeding off retail n hype. Not utilizing the asset with clarity and the green light says it all.
— Jeffrey XRP (@JeffreyRuesga) November 11, 2024
XRP has lagged behind other crypto assets, including altcoins and even memecoins. But what’s holding back XRP’s surge? The answer lies in the SEC’s ongoing plans to appeal crucial rulings in the Ripple case. On November 12, $XRP briefly surpassed its all-time high of $0.6344, marking its highest level since the day before the SEC’s Notice of Appeal.
$XRP is currently trading at $0.6039, after a 4.21% increase over the past day. The 24-hour trading volume for XRP has risen by 10.4%, reaching $4.44 billion. Overall, XRP’s market cap has also seen a notable gain of 4.21%, now standing at $34.34 billion.
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Despite these short-term gains, $XRP still remains far below its potential, largely due to its ongoing battle with the SEC, which has been a major drag on its momentum.
Traders are likely waiting for the SEC to withdraw its appeal before going big on XRP. In October, the SEC submitted its Notice of Appeal and Form C, focusing on the ruling regarding Programmatic Sales of XRP. If the SEC withdraws, this ruling could help establish regulatory precedent and bring greater transparency to the U.S. crypto market, creating favorable conditions for XRP.
Notably, Trump has already pledged to fire SEC Chair Gary Gensler on day one, with his administration preparing a list of candidates better suited for the role. A pro-crypto stance is seen as an unspoken prerequisite for the position, especially given the election’s strong focus on more flexible crypto regulations. Many crypto investors have predicted that the moment Gensler will be fired, XRP could pump the hardest.
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Also Read: $XRP, $ADA, $SOL ETFs to Be Filed This Week? Game-Changer for Crypto Industry
