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XRP, the cryptocurrency associated with Ripple Labs, has surged by 17% in the past 24 hours, defying the broader crypto market’s downward trend. This significant price increase has catapulted XRP to a 16-month high, reaching $0.8479 on November 14th.
Regulatory Tailwinds Boost XRP
The rally in XRP’s price is largely attributed to growing optimism surrounding the potential for a more crypto-friendly regulatory environment in the United States. A recent lawsuit filed by 18 US states against the Securities and Exchange Commission (SEC) and its Chair, Gary Gensler, has further fueled this sentiment. The lawsuit alleges that the SEC has overstepped its authority in regulating the crypto industry, particularly with regard to XRP.
🚨SCOOP: 18 U.S. states have filed to sue the @SECGov and its commissioners, accusing them of unconstitutional overreach and unfair persecution of the #crypto industry under the leadership of agency chief @GaryGensler.
— Eleanor Terrett (@EleanorTerrett) November 14, 2024
The lawsuit, signed by 18 Republican Attorneys General,… pic.twitter.com/wxOovuIRQH
Additionally, speculation about a potential leadership change at the SEC, with Gary Gensler possibly stepping down, has further ignited hopes for a more favorable regulatory landscape for cryptocurrencies. This could significantly benefit XRP, given its association with a US-based company.
Technical Analysis Supports Bullish Outlook
Technical analysis also supports the bullish outlook for XRP. The cryptocurrency’s price has broken above a crucial three-year descending trendline, indicating a potential shift in market sentiment. Key resistance levels to watch include $0.85 and $1.10.
This $XRP breakout of the 3-yr downtrend means one thing
— Mikybull 🐂Crypto (@MikybullCrypto) November 14, 2024
Massive rally incoming pic.twitter.com/RUwFuPDVM2
Also Read: XRP Hits $1.17 with 105% Weekly Surge: Highest Close in 3 Years and $65B Market Cap Milestone
Furthermore, the Moving Average Convergence Divergence (MACD) indicator has recently produced a bullish signal, suggesting that the market momentum is shifting in favor of the bulls. The 100-week and 50-week Simple Moving Averages (SMAs) have also been flipped from resistance to support, which could further fuel the upward price movement.
XRP’s recent surge is a testament to the growing optimism surrounding the cryptocurrency and the broader crypto market. As the regulatory landscape continues to evolve, it is essential to monitor developments closely to assess the potential impact on XRP’s price. While the short-term outlook appears bullish, it is crucial to exercise caution and conduct thorough research before making any investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
