Ripple (XRP) price crosses $1 first time in 3 years as Gensler, Trump and Coinbase spark $820M Inflows

Why is XRP price going up? 

Ripple (XRP) price rose 85% in a frenetic 48-hour period, to reach $1.09 on November 16, its highest since 2021. Markets data show how positive tailwinds from Gary Gensler’s imminent exit form the US SEC has propelled XRP prices this week.

Gary Gensler set to leave US SEC 

US Securities and Exchange Commission (SEC) Chairman Gary Gensler, all but announced his resignation during a recent speech at the Practicing Law Institute’s 56th Annual on Securities Regulation,

During his speech, Gensler hinted at his imminent exit, expressing pride and gratitude for service in the outgoing Biden administration.

“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.

I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance,”

– US SEC Chairman, Gary Gensler, November 14, 2024

Following this speech, XRP price has entered a parabolic breakout.

The XRPUSD daily chart above shows how XRP price climbed 85% 48-hours from Gensler’s statements, moving from $0.69 on Nov 14, to reach a 3-year peak $1.27 within the daily timeframe on November 16.

Zooming out, this is the first time XRP price has traded above the $1 mark since November 2021.

18 U.S. states filed to sue Gensler’s SEC regime

Since Trump’ victory at the November 5 polls, Gensler’s resignation has been highly anticipated. Further emphasizing this stance, FOX News reporter,
Eleanor Terrett alerted her 151,000 followers on X to major class action lawsuit against the Gensler-led SEC regime.

“According to the official documents, 18 U.S. states have filed to sue the SEC and its commissioners, accusing them of “unconstitutional overreach” and unfair persecution of the cryptocurrency industry, under the leadership of Gary Gensler”

– Eleanor Terrett, FOX News.
.

The lawsuit alleges that the United States Securities and Exchange Commission and its commissioners, led by Chair Gary Gensler, overstepped their jurisdiction and disregarded state economic autonomy.

Crypto enthusiast are speculating that this could be the key reason Gensler is choosing to step down from his position as the Chairman of the SEC, as hinted at the recent speech on Nov 14.

While there is no exact timeline to indicate when exactly Gensler will resign, Pro-ERP attorney James Murphy speculated that Gensler could leave before the end of November 2024. In the post depicted above, Murphy cited how the last two SEC Chairs resigned less than a month after a new president was elected.

Open Interest has surged $820M since Trump’s Win

While Gensler’s exit has not been officially confirmed by the SEC, market reaction following the cryptic statements suggests widespread expectations of his resignation.

President-elect Donald Trump is reportedly considering more crypto-friendly candidates to replace Gensler in the coming months.

This has triggered intense speculative demand for prominent altcoins like XRP, Cardano and Solana, which were labeled ‘unregistered securities’ in several SEC lawsuits over the last four years.

Expectations of a more crypto-friendly SEC chief has seen US regulated exchanges like Robinhood and Coinbase list XRP and other tokens that have been under litigation from the Gensler regime. This is as effectively re-introduced XRP to mainstream US market demand.

Confirming this narrative, Open Interest data compiled by Coinglass shows that there has been XRP markets attracted an unusual levels of capital inflows since Trump won the election on November 5.

At the time of publication on November 14, XRP open interest has surged to $1.50 billion. This reflects an $819 million increase in open interest since Trump’s win.

Moreover, while XRP prices have jumped 85% in the last 48 hours, the total capital stock in XRP derivatives markets has grown by 120%, indicating open interest is rising significantly faster than price. This often signals further upside for two key reasons.

First, a faster increase in open interest relative to price suggests growing market participation and speculative activity. Such behavior often points to strong conviction among traders that the current dominant directional momentum will continue.

Second, the surge in open interest highlights increased leverage in the market, amplifying potential price movements.

Combined with regulatory optimism under Trump’s expected pro-crypto policies and new exchange listings bolstering market liquidity, Gensler’s impending resignation creates conditions for XRP to maintain relatively high support levels when market consolidates.

XRP Price Forecast: $1.50 target now in sight

XRP’s price has experienced a remarkable rally, surging over 85% in just two days. This explosive price action coincides with significant market events, including changes in U.S. regulatory sentiment and heightened activity in derivatives markets.

With XRP open interest rising faster than price, capital inflows into XRP markets suggest increased trader conviction in the ongoing rally. The current momentum puts XRP’s psychological $1.50 target within reach, supported by bullish technical indicators.

Technical Analysis and Price Projections

XRP’s daily chart shows strong bullish momentum, with the price breaking above the upper Keltner Channel (KC) band at $0.8732. The breach of this level indicates a robust upward trend, often signaling further gains. The Bull-Bear Power (BBP) indicator is firmly in positive territory at 0.6925, reinforcing bullish sentiment as buyers dominate.

Key resistance is now at $1.20, a level that coincides with the recent price peak. A breakout above this could see XRP rally toward the $1.50 psychological barrier, with momentum supported by growing volume, which surged to 1.082 billion.

Conversely, immediate support lies at $0.90, near the middle KC band. A drop below this could see a retracement toward $0.67, where additional buying interest may emerge.

With rising open interest and strong momentum, XRP’s trajectory remains bullish, targeting $1.50 in the near term.