XRP leads altcoins gains as analysts eye $1 by the end of the week

XRP increased by over 16% in 24 hours, driven by regulatory optimism following the election of Donald Trump, sparking expectations of a rise to $1.

XRP was trading at $0.8035 at the time of writing, leading gains among the top 100 crypto assets with a daily increase of 16.6%. This extends its seven-day gain to 45.9%, reaching this year’s high last seen on July 20, 2023.

Why is XRP price increasing?

This rally coincided with increasing speculation on social media regarding the potential departure of Gary Gensler as SEC Chairman. Rumors of an imminent retirement were fueled by his Nov. 14 memo, in which he called his tenure at the SEC “a great honor” and praised his colleagues for their dedication.

As Trump prepares for his second term, members of the crypto community expect him to follow through on his promise to oust the current SEC Chairman on his first day in office.

The community also speculates that Gary Gensler’s resignation as SEC Chairman could lead the agency to withdraw its latest objection in the Ripple case, potentially ending the six-year legal battle between Ripple Labs and the securities watchdog.

Moreover, rumors that Trump could eliminate all capital taxes on cryptocurrencies issued by US companies and potentially leverage tokens like XRP have also added to the recent bullish trend around the altcoin.

Another incentive fueling XRP’s price increase was the announcement by Société Générale’s digital asset subsidiary SG-FORGE that it will deploy its euro-backed stablecoin EUR CoinVertible (EURCV) on the XRP Ledger (XRPL) network.

Deviation from broader trend

XRP’s price rise comes on a day when Bitcoin (BTC) and other major cryptocurrencies, including Ethereum (ETH), Solana (SOL) and BNB (BNB), fell by 4-6% in the last 24 hours.

The decline was driven by profit-taking after several days of growth and was exacerbated by hawkish comments from Fed Chairman Jerome Powell, which undermined market optimism about imminent interest rate cuts.

However, with many bullish catalysts in play, traders and analysts are expecting a rally towards the $1 level. Crypto.news analysts expect a similar target.

Analyst Dark Defender expects this to happen by the end of the week.

If the seventh-largest altcoin holds support above $0.7496 and secures the $0.76 level, a potential bull flag pattern on the 1D chart of XRP/USD could eventually move the price to the short-term target of $1.03. of the week.

Observing that the token has broken out of the large symmetrical triangle pattern that has formed on the 1-M/USD chart since mid-2020, trader BigMike predicted a further bullish target. He predicted that a break above the formation could potentially lead XRP to rise as high as $8 this cycle.

Meanwhile, CoinGlass data shows that open positions in the XRP futures market have also increased from a monthly low of $680 million to over $1.3 billion as of November 15. Such a significant jump in open interest points to increased trader activity that could help XRP succeed. bullish targets predicted by analysts.