The XRP price has risen 30 percent to $1.08 in the last 24 hours, breaking through the $1.00 resistance that the token has repeatedly failed to break since December 2021. The long-suffering Ripple XRP owners - the XRP Army - are looking down with an "I told you so" smile on the naysayers who wrote off the "banker's coin" long ago.
🚨 BREAKING: $XRP IS NOW ABOVE $1.00 FOR FIRST TIME SINCE 2021!💥📈
What's your peak price projection for XRP in 2024?
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— Good Morning Crypto (@AbsGMCrypto) November 16, 2024
This is what is behind the XRP price increase: a turning point for Ripple?
Today's price increase of XRP caused a big stir in the crypto scene - and there could be more to come. Because there are a number of developments that are fueling investor optimism.
One factor was likely the news of Ripple CEO Brad Garlinghouse, who announced on Platform X (formerly Twitter) that he was in contact with the transition team. This announcement was originally published in the Washington Post on November 11 and later shared by Garlinghouse. He emphasized the importance of working with political representatives, which had a positive effect on sentiment. In parallel, the speech by Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), played a key role in recent events.
On Thursday, Gensler spoke at the 56th annual event of the Practicing Law Institute's Institute on Securities Regulation . According to some observers, there were signs of a possible resignation in his speech. His closing remarks, which sounded like a sort of farewell speech, could have a significant impact on the SEC's ongoing legal proceedings against Ripple.
"Before I close, I want to say something about the SEC and its staff. It is a remarkable agency. The staff and the Commission are very mission-oriented and focused on protecting investors, maintaining fair, orderly and efficient markets, and facilitating capital formation...
It has been a great honor to work with them, to do the people's work and ensure that our capital markets remain the best in the world...
I am proud to work with my colleagues at the SEC who work every day to protect American families on the highways of finance.”
Gary Gensler SEC Chairman
A resignation of Gensler could lead to the case against Ripple being dropped or decided in the company's favor. Even before the recent developments, observers had suspected that a settlement between Ripple and the SEC could be imminent. Now a complete withdrawal of the lawsuit seems more likely if Gensler resigns.
Although a U.S. president does not have the power to directly fire Gensler, he could remove him from the role of chairman. Gensler could, however, remain in office as one of the SEC's five commissioners. However, most experts believe it is likely that he will preempt such a scenario by resigning. The market reaction was clear. When rumors of Gensler's possible resignation began to circulate, the price of XRP jumped. This price increase could be an indication that investors are more optimistic about Ripple's future, especially if the long-running legal battle with the SEC does indeed come to an end.
Ripple XRP's use case for cross-border transactions is the ace in the hole
XRP is a liquidity token specifically designed for financial institutions to increase the efficiency of cross-border transactions. Although the scope of XRP has expanded recently, this remains its core area of application. The US's recent efforts to open up the crypto market more could mean a promising future for Ripple XRP, especially in the area of international payments. If the new administration in the US establishes clear and crypto-friendly regulation, XRP could serve as the basis for a global payment system.
In addition to XRP, Ripple also offers a stablecoin called RLUSD, which is integrated with XRP in the Ripple Payments Solution solutions. This could make Ripple a preferred choice at the enterprise level, as finance departments could show increased interest in the technology under a clear regulatory framework. Government officials could also consider Ripple technologies for building central bank digital currencies (CBDCs).
US brokerage firm Alliance Bernstein expressed optimism about the current crypto bull market on Monday, recommending in a note to its clients: "Buy everything you can." For sophisticated crypto investors, XRP should have a place in the portfolio due to its significant potential and the possibility of increasing in value once legal uncertainties are resolved. Nevertheless, diversification remains crucial, and a balanced portfolio should contain a variety of digital assets to minimize risks and maximize opportunities in the long term.
What to Buy with Your XRP – Is Pepe Unchained the Next Big Thing?
XRP could become one of the leading coins in this crypto bull market, but it would be a mistake to overlook the hottest area of the crypto world right now: meme coins. The fun currencies are currently attracting a lot of attention and offer a chance for high returns. Here are three promising projects to consider - especially in the ICO phase, where the best profits are to be had.
Pepe Unchained (PEPU): The next 10X opportunity?
Pepe Unchained is the first meme coin based on its own Ethereum Layer 2 blockchain. The project has already raised over $32 million in its ICO phase. This ends in just 27 days, so there is not much time left to get in as an early bird investor. The Pepe Unchained ecosystem includes "Pepe's Pump Pad", a platform that allows users to launch their own new meme coins with just a few clicks.
The hype around PEPU is unmistakable. The project raises over $1 million a day, and large investors, so-called whales, regularly make large purchases, including one transaction worth $50,000. The price of the PEPU token increases every 12 hours. It is currently at $0.01286, but the coin could soon be worth a lot more.