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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Nov 22, 2024 05:07 UTC
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Why Is XRP Going Up? Ripple Price Jumps 150% in 2 Weeks
XRP price surged over 150% in the last two weeks, reaching a multi-year high and overtaking Dogecoin.
The main driver for the XRP rally was the resignation announcement of SEC Chair Gary Gensler.
XRP's bullish momentum is further fueled by a short squeeze, whale accumulation, and a breakout from a multi-year technical pattern.
Bitcoin’s (BTC) rally past $99,000 in the last 24 hours has shocked the crypto market, but XRP has emerged as the showstopper. The token surged above $1.4 for the first time since early 2021, gaining an impressive 27% in just one day.
Over the past two weeks, XRP has soared by over 150%, pushing its fully diluted valuation to approximately $140 billion—a level not seen in years. This explosive growth has knocked Dogecoin (DOGE) off its spot, making XRP the sixth-largest digital asset by market cap.
What’s fueling the rally?
Factors that Influenced XRP’s Rally
SEC Chair Gary Gensler’s Resignation
A major factor behind XRP’s rally is the announcement that SEC Chair Gary Gensler will step down on January 20. The news comes as President-elect Donald Trump plans to appoint a crypto-friendly SEC chair, boosting optimism in the XRP community.
For XRP supporters, Gensler’s resignation offers a potential turning point in the ongoing SEC vs. Ripple lawsuit, which has weighed heavily on the token’s prospects. The announcement has triggered fresh optimism, driving both market sentiment and XRP’s price upward.
Market Impact: Liquidations and Breakouts
The crypto market saw $406 million in liquidations over the past 24 hours, mostly from short positions. XRP alone contributed over $25 million to these liquidations, creating a short squeeze that amplified the token’s rally.
At the same time, XRP broke out of a long-standing symmetrical triangle pattern, a significant technical signal of bullish momentum. Adding to the excitement, XRP’s weekly Relative Strength Index (RSI) has climbed above 70 for the first time since April 2021, signaling strong buying interest.
Rising Demand from Whale Investors
XRP’s rally is supported by robust on-chain activity. Open interest (OI) in XRP futures has surpassed $2.1 billion for the first time this year, reflecting growing interest in the token. Daily trading volume has also spiked to $17.3 billion, showing increased market activity.
Whales have been actively accumulating XRP, anticipating regulatory clarity in the U.S. This aggressive buying has further fueled market confidence, adding strength to XRP’s price momentum.
XRP’s price could potentially aim for its previous all-time high of $3.40, driven by bullish technicals, whale accumulation, and regulatory optimism. Sustained momentum and favorable market conditions are key to further growth.
XRP is pumping due to Gary Gensler’s SEC resignation announcement, sparking hopes for regulatory clarity, and a $25M short squeeze boosting bullish momentum. Whale accumulation and a breakout from a multi-year triangle further fuel the rally.
XRP’s momentum signals one thing: the bulls are back, and they’re not slowing down.
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