TL;DR
- Despite plunging in the past 24 hours, XRP has surged significantly in the last 30 days, with analysts predicting additional gains.
- Leadership changes at the SEC could influence the outcome of Ripple’s legal battle and XRP’s price trajectory.
The Calm Before the Storm?
Ripple’s XRP experienced an impressive bull run over the past month, with its price skyrocketing by 330%. On December 3, it tapped a nearly six-year peak of $2.82. Currently, it trades at approximately $2.38, which represents a 6% decline on a daily scale.
According to some popular analysts, XRP might be poised for much more substantial gains in the near future. The X user Ali Martinez suggested that the asset “looks undervalued after breaking out of this massive multi-year symmetrical triangle.” He set a “conservative target” of $8.40 and an “optimistic” one of a whopping $48.12.
Veteran trader Peter Brandt chipped in, too. He maintained that XRP has “the most powerful chart in all of crypto world.” It is worth mentioning that Brandt has been quite critical of Ripple’s native token over the years, expressing skepticism about its value and potential numerous times.
The X user CRYPTOWZRD shared a similar thesis, predicting that XRP’s market cap is on its way to hitting a new all-time high of $270 billion.
⚠️ XRP’S BEAUTY
The most beautiful chart in the whole space ..
Dear bears, I’m sorry.. you had several years… $XRP is going so much higher.. up next is $270B.. it won’t stop there
See you at a new all time high… pic.twitter.com/DpIAPV7Ohh
— CRYPTOWZRD (@cryptoWZRD_) December 8, 2024
As of writing these lines, its capitalization stands at around $136 billion. This makes XRP the fourth-biggest cryptocurrency, trailing behind Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
The Ripple v. SEC Lawsuit Remains a Burden
One factor that may propel a further pump for XRP’s price is a favorable resolution of the four-year-long legal battle between Ripple and the US Securities and Exchange Commission (SEC).
Not long ago, Gary Gensler (the current Chairman of the agency) confirmed he will vacate his post in January next year. His departure was somewhat expected since the recently elected president of the United States, Donald Trump, promised to fire him on day 1 after assuming office.
Gensler is known as a critic of the digital asset industry with the Commission filing multiple lawsuits against crypto businesses during his tenure.
Last week, Trump nominated former SEC Commissioner Paul Atkins to spearhead the securities regulator. The latter has been a consistent advocate of the crypto sector, and it will be interesting to see whether the Ripple case will reach a faster conclusion under his leadership.
