The price of XRP coin recently recorded a significant rise, reaching $0.80 while bitcoin remains around $88,000. The increase follows speculation about the possible departure of Securities and Exchange Commission (SEC) Chairman Gary Gensler, fueling optimism among XRP investors.
The reasons behind the rise in the price of crypto XRP
One of the reasons for the rise of the XRP token is that Gary Genslerchairman of the SEC, made statements today that sounded like a farewell speech, mentioning his achievements. When a new U.S. president takes office, current heads of institutions like the SEC usually resignespecially when they belong to a different party from the new president.
The potential impact of Gensler’s departure
Gensler’s expected departure has fueled investor appetite for the XRP coin, especially after Trump’s statement on appointing a more crypto-friendly successor. This propelled the price to an all-time high this morning of $0.8452. Currently, many ETF applications are awaiting SEC approvalincluding for the XRP coin, which now have a better chance of being approved.
Another important fact is the legal proceedings initiated against the chairman of the SEC and the members of the commission by 18 states. They claim that anti-crypto sentiments indicate an unconstitutional abuse of power, and Gensler could face legal action for this stance.
The price of XRP coin reached an all-time high of 0,84 $it displays an increase in 47 % in a week. While the bitcoin remains around $88,000. Although volatility remains rife in the cryptocurrency sector, the outlook for this crypto looks promising in the short term.
The token rises to the 7th place in the crypto ranking below the Dogecoin with a valuation of $45 billion.
What are the price predictions for XRP at the end of 2024?
Price predictions for XRP at the end of 2024 vary between analyses. The token could appreciate between $0.70 and $2 in 2024depending on the evolution of bull run in progress.
The average price of the token could reach around $0.96 in December 2024with a potential maximum of $2. Here is a summary table of XRP price predictions for the final months of 2024:
| Month | Minimum Price ($) | Average Price ($) | Maximum Price ($) |
|---|---|---|---|
| November | 0,43 | 1,09 | 1,13 |
| December | 0,46 | 0,96 | 1,50 |
If the current bull run continues, XRP could reach new highs, bolstered by renewed investor interest and positive developments around Ripple. However, caution remains necessary in the face of market volatility.
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