XRP Price Powers Past $1.00, Here’s Why a $5 All-Time-High is Incoming

The XRP price is soaring, up 30% in the past 24 hours to $1.08, taking out the $1.00 level resistance in play since December 2021.

Long-suffering Ripple XRP holders – the XRP Army – are looking down with a ‘told you so’ smile at the naysayers who had written off the ‘banker’s coin’ long ago.

But what a difference an election campaign can make! The expected crypto-friendly regulatory environment that the Trump administration and Congress are expected to usher in, is the spark that has lit the crypto forest fire bull market.

However, a number of specific developments related to the Trump-induced risk-on theme have helped XRP.

Here’s what’s behind today’s XRP price pump – and there’s more to come

When Ripple CEO Brad Garinghouse tweeted that he was in touch with the Trump administration’s transition team, that certainly helped to concentrate minds. The news was first reported in the Washington Post on November 11 and then referenced by Garinghouse in an X post the following day:

Then, on Thursday, US Securities and Exchange Commission (SEC) chairman Gary Gensler gave a speech to the 56th Annual Institute on Securities Regulation event held by the Practicing Law Institute.

Gensler’s closing remarks very much sounded like a resignation speech. His departure matters a lot to Ripple because it would signal the end, or a successful conclusion for the company, to the case the agency has brought against it for allegedly selling an unregistered security.

Before I close, I want to say something about the SEC and its staff. It’s a remarkable agency. The staff and Commission are deeply mission-driven, focused on protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation…

It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world…

I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance.

Gary Gensler SEC Chairman

Prior to the election, many court case watchers had shifted to a position where a court settlement favorable to Ripple was likely – now the SEC will be abandoning the case entirely if and when Gensler departs.

Trump does not have the power to sack Gensler, although he may be able to remove him from the role of Chairman, but he would still be able to stay on as one of the five commissioners. The chances are that Gensler will side-step that humiliation and resign.

That appears to be what Gensler signaled on Thursday, and the XRP price responded by blasting higher, as shown in the chart below:

XRP price to reach $5 by the end of 2024

Aside from a pullback in the broader market as the ‘Trump trade’ fades, XRP is at the start of a bull run that takes it past its previous all-time-high on an intraday reading at $3.84 ($3.3 using closing day prices), with $5 the end-of-year price target for the token.

Such an advance would equate to a 277% price surge from the current level of $1.08.

It is also worth noting that 13 million XRP was burned three days ago, adding to the all-round bullish vibe.

Ripple XRP’s cross-border transactions use case is its ace in the hole

XRP is a liquidity token primarily focused on financial institutions that want to improve the efficiency of their cross-border transactions. It has widened its use cases of late, but that remains it core competency.

US crypto push could mean a bright future for Ripple XRP cross-border payments

If the US opens up crypto in the way that the incoming Trump administration says it must, then the fundamental business case for XRP becomes a truly global proposition.

Bear in mind, though, that Ripple now has a stablecoin called RLUSD, which will also be used in its payment solutions along with XRP, under the banner of the Ripple Payments Solution brand.

As well as inserting itself at the corporate level, where treasury departments might be interested in using its technology, given a clearer regulatory framework, sovereign actors may also be interested at the central bank digital currency (CBDC) level.

US brokerage firm Alliance Bernstein commented in a note to clients on Monday about the crypto bull market, “Buy everything you can”.

XRP should probably be in the portfolio of every discerning crypto investor as there is plenty of catching up for the token to do as it emerges from a background of legal uncertainties with its bull case shining bright. However, a balanced portfolio for diversification reasons should consider a range of digital assets.

What to buy with your XRP – Pepe Unchained is going to be huge

XRP could be one of the breakout stars of this bull run but it would be remiss not to mention the hottest sector in crypto right now, which is meme coins.

Here are three you may wish to consider buying in ICO, where the best returns on investment are to be had.

Pepe Unchained ($PEPU) is the first meme coin to have its own Ethereum Layer 2 blockchain. It’s raised $32 million in ICO, which finishes in 27 days, so there’s no time to lose if you wish to contribute.

The ecosystem includes Pepe’s Pump Pad, which is an Ethereum-focused pump.fun, where meme coins can be launched by literally clicking a few buttons.

The project is raising more than $1 million every 24 hours – whales can’t get enough of $PEPU, as this $50,000 buy attests. The price of the $PEPU token presale increases every 12 hours and at the time of writing is priced at $0.01286

Flockerz ($FLOCK) is ‘the people’s meme coin’. It is the first meme coin that will be run by its token owners through its vote-to-earn mechanism. Flockerz empowers its community – The Flock – to guide the project by voting on proposals and are rewarded for their participation. Flockerz has raised nearly $2 million and is priced at $0.0060289 in the current price stage, which ends in one day and 12 hours.

Crypto All-Stars ($STARS) is a meme coin ecosystem that introduces the innovative concept of unified staking for meme coins. The MemeVault Network allows meme coin fans to stake their tokens, but to max-out returns users must hold the $STARS token.

Crypto investors like what they see – the presale raise total is about to hit $4 million. $STARS sells for $0.001568 and there’s only one day to go before the price rises.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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[Source: CryptoNews]