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XRP Hits $0.74, Highest Since Mid-March: Here's Why
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XRP Surges To $0.74, Reaching Its Highest Price Since Mid-March: Here’s Why

Jake Simmons
Jake Simmons
6 months ago
3 mins read
Why is XRP price up today

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Over the past nine days, XRP has experienced a significant rally, climbing from $0.4957 on November 4 to a peak of $0.7407 today on Binance—a surge of over 50% at one point. Approximately 30% of this ascent occurred within the last 48 hours. However, following this rapid rise, XRP saw a sharp correction, retreating by -12% to $0.65 as of press time. These are the key reasons for the rally:

#1 XRP Funding Rates and Social Dominance Spike

One of the primary drivers behind the XRP price surge appears to be heightened social media activity and shifts in funding rates. On-chain analytics firm Santiment noted via X that the XRP community “has erupted with excitement and discussions related to crypto’s #7 market cap,” with over 4% of all coin discussions currently related to XRP following its 45% breakout over an eight-day span.

The firm emphasized that surpassing $0.74, XRP’s year-high back in March, will largely depend on “FOMO staying at bay, and funding rates on large exchanges like Binance not getting too weighed down by longs.”

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Santiment’s analysis highlighted that the ratio of Binance XRP long versus short positions has reached its highest point since March 31, indicating strong bullish sentiment among traders.

They also observed that previous spikes in social dominance, such as those at the beginning of August, served as perfect top signals, suggesting that the current surge in social discussions could precede a market correction. Conversely, Santiment also pointed out that the previous social spike marked a bottom signal.

XRP Funding Rates and Social Dominance Spike
XRP Funding Rates and Social Dominance Spike | Source: Santiment

#2 Gensler Resignation This Week?

Speculation about potential regulatory changes is also influencing XRP’s market dynamics under the Trump administration. Pro-crypto lawyer James “MetaLawMan” Murphy shared an intriguing timeline via X, drawing parallels between US presidential elections and the resignations of SEC chairs.

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Could XRP Explode After US Elections? Data Hints At Massive 60,000% Rally

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He noted that after the 2016 and 2020 elections, SEC chairs Mary Jo White and Jay Clayton announced their resignations shortly after the results. Murphy suggested that with the 2024 election, there could be expectations for current SEC Chair Gary Gensler to resign, posting, “Hey Gary Gensler, we’re waiting.”

Time to say Goodbye Gary!

Nov. 8, 2016: Trump elected
Nov. 14, 2016: Mary Jo White (SEC Chair) announces her resignation

Nov. 3, 2020: Biden elected
Nov. 16, 2020: Jay Clayton announces resignation

Nov. 5, 2024: Trump elected
Nov. __, 2024: Hey @GaryGensler, we’re waiting

— MetaLawMan (@MetaLawMan) November 12, 2024

This speculation is particularly significant for the XRP community because of the ongoing legal battle between Ripple and the SEC. President-elect Donald Trump has explicitly stated his intention to remove Gensler from his position on his first day in office, citing the need for a more crypto-friendly SEC chairman—a statement he made at the Bitcoin 2024 conference.

Ripple CEO Brad Garlinghouse has shown strong support for this potential change, urging Trump to appoint replacements more favorable to the crypto industry, such as Chris Giancarlo, Brian Brooks, or Dan Gallagher. Garlinghouse highlighted the need for regulatory clarity, especially concerning digital assets like Ethereum and XRP.

The speculation among some Ripple supporters is that Gensler’s removal could lead to a more favorable outcome for Ripple, potentially through the SEC dropping its appeal in the case. The market seems to be reacting to this speculation, with investors possibly trying to front-run the news in anticipation of a settlement or regulatory shift.

At press time, XRP traded at $0.65.

XRP price
XRP needs to break the 0.236 Fib, 1-week chart | Source: XRPUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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