XRP's current price increase is seen as a leverage-driven pump, with a similar event in the past resulting in a 17% correction. XRP is currently priced at $1.72, up 16.4% over the past 24 hours and performing well compared to other top cryptocurrencies. The open interest in XRP futures has also increased by 37% alongside the price surge. The recent surge in XRP's price happened after the US election results and further increased when SEC Chair Gary Gensler announced his departure. Gensler's approach to regulation led to the SEC cracking down on major crypto firms, including Ripple. The ongoing legal battle between Ripple and the SEC is still unresolved, but the major price movement and potential change in leadership may result in the lawsuit being dismissed. Ripple has also made recent developments, including investing in Bitwise's XRP fund and launching the first tokenized money market fund on its XRP Ledger.



Other News from Today