Ripple’s XRP has experienced over 30% surge in its weekly and monthly gains, reaching as high as $0.74 recently. This pump was largely fueled by various contributing factors. This development has increased investor confidence and there is a wave of enthusiasm within the crypto community. This also marks a significant turnaround after a long period of regulatory uncertainty.
Ripple’ XRP was once one of the 2nd most valuable digital assets in the industry until the SEC filed lawsuits against it. Since then the investors have been hesitant in investing in its token.
Even though, the company has many promising projects in the pipeline, just because of this one lawsuit, the entire industry remains cautious and refrains from investing the in the token. Even though XRP is not considered as a security, it has failed to gain investor confidence due to the on-going battle.
With Trump winning the election, change in the regulatory guidelines, potential dismissal of the SEC vs Ripple lawsuit or settlement of the lawsuit has increased the investor confidence due to which the recent surge with the XRP token has been observed. Other than this there are various other factors that also contribute to the XRP token’s price surge.
Robinhood Relisting Sparks Investor Interest
On November 13, due to high user demand, Robinhood relisted XRP token on its trading platform. This relisting not only enhanced liquidity for XRP but it also indicates shift in the regulatory guidelines surrounding the cryptocurrencies. The community believes that this move can also lead to increased institutional adoption.
Documentary Release and Community Buzz
Advertisement
Adding to the excitement, the documentary “XRP Unleashed” premiered in the U.S. on November 12. The film focuses on the ongoing legal battles with the SEC, highlighting the challenges faced by the crypto industry and Ripple due to unclear guidelines. The community reactions have been overwhelmingly positive, with viewers expressing renewed hope for Ripple and XRP.
Potential Collaboration with Cardano and Political Shifts
Cardano’s founder Charles Hoskinson in one of his social media post hinted about a possible collaboration with Ripple. This speculation has taken over the crypto world with a storm because this collaboration could increase market presence for both the companies.
Moreover, the political discussion surrounding Gary Gensler under the Trump administration have further added optimism among the community members. Many believe that removing Gensler from his current position would ease the regulatory pressure and could create more favorable environment for industry.
Future Projections
Market analysts suggest that if XRP maintains this upward momentum, it could reach $3, a price value near to its all-time high, within the next 6-12 months.
At press time, the price of XRP token stands at $0.7417 with a 4.7% surge in the last 24 hours and with market capitalization of $41 billion.
Advertisement
XRP 24 Hours Chart (Source: CoinGecko)The combination of Robinhood’s support, community engagement from the documentary, and favorable political shifts has created a perfect storm for XRP’s recent price surge, making it a focal point for traders and investors.
Also Read: SEC Observes Quietly While the Industry Thrives: Coin Bureau CEO
