XRP price continued with its resurgence on Thursday, riding on the market-wide rally to rise by 1 percent and trade at $0.548 at the time of writing. That brought its gains in the last three days to 7.6 percent, underlining the significance of the power transition at the White House. The day also saw XRP rise to highs of $0.578 on the daily chart, its highest level in over a month.
The Ripple Labs vs SEC case is a central factor in the XRP price trajectory, and the regulator’s appeal against the XRP issuer’s perceived win in October exerted immense downward pressure on the crypto coin. Gary Gensler’s tenure as the SEC Chairman has been aggressive against the crypto industries, with dozens of legal suits against key institutions.
The Ripple Labs case has been ongoing since December 2020, and the decision to appeal against a $125 million fine imposed by a Federal Court shows the extent to which Gensler is willing to subdue crypto’s influence on the economy. In August, US President-elect Donald Trump vowed to see to it that Gensler exits the regulator. While Trump doesn’t have the legal power to fire Gensler directly, his position and Republican control of the senate could ultimately force him out.
However, the immediate focus for XRP holders will be the pending approvals of XRP ETF applications. Bitwise filled its application in early October, while 21Shares filed one on November 1. While approval of the two applications could have no bearing on the court case, it could promote institutional exposure to XRP and help increase demand for the coin. Importantly, it could bring positive sentiment to XRP price, albeit based purely on perception.
The momentum on XRP price calls for further upside above the 0.547 pivot mark. The bullish momentum will likely encounter the first resistance at 0.560. However, if the buyers extend their control, it could break above that level and test 0.571.
Conversely, a move below 0.547 will signal control by the sellers. If that happens, initial support will likely be at 0.536. Below that level, the upside narrative will be invalid, and the price could test the second support at 0.525.
This post was last modified on %s = human-readable time difference 13:12