Ripple’s native crypto, XRP recorded a breakout rally on Wednesday while the biggest cryptos like Bitcoin (BTC) and Ethereum (ETH) printed red indexes. XRP managed to decouple from the market correction seen after the massive rally. The cumulative crypto market dropped by around 4% over the last day with a trading volume of $309 billion.
XRP price soared by 10% in the last 24 hours, fueled by speculations emerging around Ripple’s next move in the long-running case, keeping the crypto market in line. The excitement is followed by a reported meeting between Ripple and President-elect Donald Trump.
Ripple-Trump meeting sparks speculation
Market analyst Zach Rector in an X post shared news of the Ripple-Trump meeting. He hinted at the discussions about the future of crypto regulation. Later, CEO Brad Garlinghouse allegedly confirmed the meeting by liking Rector’s post on X.
This reported meeting has ignited speculation about the SEC’s appeal in the Ripple case. It has led to hopes that the US Securities and Exchange Commission (SEC) could drop its appeal. If it happens then it will surely set a key precedent for XRP and the global crypto market.
Confirmed ✅ #XRP pic.twitter.com/krpLrgrR2c
— Zach Rector (@ZachRector7) November 12, 2024
In the July 2023 Ripple case ruling, Judge Torres ruled that programmatic sales of XRP did not meet the third prong of the Howey Test. This decision managed to spark a major rally for the token. XRP surged to $0.9327 but then it dropped below $0.40 when the SEC appeal loomed.
XRP takes center stage
Santiment reported that the XRP community is abuzz with excitement and is driving over 4% of coin-related discussions as its price spiked by 45% over the past 8 days. It suggests that the breakout is sparking fresh optimism in the crypto space.
It added that surpassing its year-high of $0.74 in March is within reach, but it will depend on whether the FOMO remains manageable and the funding rates on exchanges like Binance don’t get too stretched. As XRP continues its rally, all eyes will be on the SEC’s next move and how it might impact Ripple and the market.
XRP price has surged by 24% in the last 7 days. It is trading at an average price of $0.662, at press time. Its 24-hour trading volume spiked by 120% to stand at $11.6 billion. Meanwhile, Dogecoin (DOGE) has recently surpassed XRP to become the 6th biggest crypto. DOGE price blasted by 94% in the last 7 days.
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