Ripple's Price Surge: What’s Fueling the Momentum?

XRP has been making headlines with an impressive 17% price surge in just 24 hours, and it’s not without reason. Several recent events are boosting optimism for XRP, drawing significant attention in the crypto space.

18 States Challenge the SEC: Hope for Ripple?

One key factor is the recent lawsuit filed by 18 U.S. states against the SEC and its chairman, Gary Gensler. The states are accusing the SEC of overreaching its authority, which has reignited hope within the crypto community. For Ripple, which has faced SEC scrutiny for years, this could mark a major shift in its favor.

Ripple and Washington: Signs of Potential Regulatory Support?

Ripple has recently held discussions with advisors of President-elect Trump, leading to speculation about possible support from the incoming administration. Ripple CEO Brad Garlinghouse subtly hinted at this meeting, fueling anticipation for more crypto-friendly policies. If such support materializes, XRP could see positive regulatory changes that might benefit other digital assets as well.

XRP’s ongoing legal fight with the SEC has also contributed to the buzz. Ripple gained a partial victory last year when Judge Analisa Torres ruled that XRP was not a security. Although the appeal from the SEC has slowed the token’s pace, recent rumors that SEC Chair Gary Gensler may step down are sparking renewed confidence in XRP's potential.

Social Sentiment and Whale Movements

Market sentiment is playing a significant role in this rally. According to Santiment data, XRP-related discussions make up over 4% of all crypto chatter on social media, indicating growing interest and confidence.

Crypto whales are also actively balancing their buying and selling positions to drive the price. With FOMO (fear of missing out) pulling in more traders, it’s essential to monitor funding rates on major platforms like Binance to assess whether the rally can sustain or risks over-leveraging.

XRP Price Levels to Watch

At the time of writing, XRP is trading at $0.8035, showing a 14.6% daily increase and leading the top 100 crypto assets. This brings its seven-day gains to 45.9%, marking its highest point of the year, previously seen on July 20, 2023. This rally has also broken out of a symmetrical triangle pattern that had been in play since 2021, visible on the weekly chart.

Looking forward, XRP faces major resistance at the psychological level of $1.00 and at $1.96, which was its peak in April 2021. On the downside, strong support levels lie at $0.65 and $0.50, suggesting a possible push past $1 before the close of 2024.