- XRP has surged 45% this week, surpassing the $0.80 mark.
- Speculation on SEC Chair Gary Gensler’s resignation has boosted sentiment.
- Whale wallets with 1M+ XRP have accumulated 3.44B tokens in two years.
XRP, Ripple’s native token, has shattered expectations, climbing above $0.80 for the first time in months. The crypto market buzzed with speculation as XRP saw a massive 50% surge over seven days, outperforming its peers in the top 100 cryptocurrencies. But it wasn’t just the numbers that caught everyone’s attention.
Behind this rally lies a mix of strategic whale activity and looming regulatory uncertainty. With SEC Chair Gary Gensler hinting at an early exit, the market has latched onto the possibility of a crypto-friendly regulatory environment under the next administration. Could this shift reignite faith in U.S.-based crypto projects like Ripple?
Short Sellers Crushed as XRP Soars 19%
XRP’s price has skyrocketed by over 19% in the last 24 hours, trading around $0.8177 and hitting peaks not seen since July 2023. According to CoinGlass data, more than $12 million worth of XRP positions were liquidated in just 12 hours, with 53% being short positions.
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This indicates that many traders betting against XRP were caught off guard by the sudden upward momentum. Adding fuel to the fire, on-chain analytics firm Santiment reports that whale and shark wallets—those holding at least 1 million XRP—now possess a combined 45.61 billion tokens.
This is the highest accumulation since June 2018. Over the past two years, these large holders have added 3.44 billion XRP to their portfolios, signaling strong confidence in the token’s long-term potential.
XRP Eyes Relief Amid Gensler SEC Exit Speculation
The market’s optimism isn’t solely based on whale activity. Speculation is rife that SEC Chair Gary Gensler may be preparing to exit his role. In a recent speech, Gensler remarked, “It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world.”
Many have interpreted this as a hint toward his imminent departure. With President-elect Trump poised to take office, there’s anticipation of a shift toward a more crypto-friendly regulatory environment.
Gensler’s tenure at the SEC has been marked by aggressive actions against major crypto companies, including Ripple. The possibility of new leadership has ignited investor hopes for a more favorable climate for U.S.-based crypto projects.
On the Flipside
- Even if Gensler steps down, Ripple’s lawsuit with the SEC may continue under new leadership, prolonging uncertainty for XRP investors.
- XRP is still 78% below its all-time high, indicating room for both growth and volatility.
- Changes in administration do not guarantee immediate regulatory shifts. The new SEC chair may take time to implement policy changes and could potentially maintain a hardline stance on crypto.
Why This Matters
XRP’s 50% rally in just seven days highlights its resilience amid market turbulence and regulatory uncertainty. Whales’ renewed interest signals confidence in Ripple’s long-term value. Meanwhile, Gensler’s possible exit could mark a seismic shift in U.S. crypto regulation, opening the door for Ripple and similar projects to thrive.
To explore how XRP’s price rally is heating up and driving attention to ambitious targets, read more here:
XRP Price Rally Gains Steam as Market Eyes $1.88 Target
Discover how Ripple’s cross-appeal is gaining traction as the SEC faces heightened challenges in its legal battle, read here:
Ripple’s Cross-Appeal Gains Power as SEC Faces Trump’s Axe
