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As Bitcoin (BTC) price rallied above $99k in the last 24 hours, the altcoin market, led by Ripple Labs-backed XRP, registered significant volatility. For the first time since early 2021, XRP price pumped above $1.4, following a 27 percent upsurge in the last 24 hours.
In the last two weeks, XRP price has surged over 150 percent, thus its fully diluted valuation reaching a multi-year peak of about $140 billion. Consequently, XRP has now dethroned the leading memecoin, Dogecoin (DOGE), to rank as the sixth largest digital asset by market valuation.
Factors that Influenced XRP Rally
End of an Era in US SEC’s Top Seat
The main reason that XRP price experienced a sharp uptick in the last 24 hours was the resignation announcement by current US SEC chair Gary Gensler.
With US President-elect Donald Trump seeking to appoint a crypto-friendly chair of the SEC, Gensler announced that he will step down on January 20.
Although expected, the announcement was a huge relief to the XRP community, following the recent appeal of the SEC vs Ripple lawsuit.
Short Squeeze Impact
In the last 24 hours, the cryptocurrency-leveraged market registered a total of $406 million in forced liquidations. The majority of the rekt crypto investors involved short traders, thus magnifying the impact of the ongoing short squeeze.
Notably, more than $25 million was liquidated from XRP leveraged markets.
Consequently, more traders have been longing for XRP price, following a successful bullish breakout from a multi-year symmetrical triangular pattern.
Moreover, XRP’s weekly Relative Strength Index (RSI) has surged above the 70 percent level for the first time since April 2021, signaling the return of the bullish sentiment.
Curious about where XRP’s bullish momentum could lead next? Dive deeper into XRP Price Prediction and explore expert insights on its potential trajectory
Rising Demand from Whale Investors
The XRP open interest (OI) has surged above $2.1 billion for the first time this year, as the instrument rallied above crucial midterm targets. The demand for XRP has significantly spiked as shown by its daily average traded volume, which hovered around $17.3 billion earlier today.
According to on-chain data analysis, XRP whales have aggressively accumulated in the recent past amid anticipation of legal clarity in the United States in the near term.
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.
