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XRP continues its bullish momentum, leading some of the market’s most prominent commentators to boldly claim that the asset may never fall below $1 again. The cryptocurrency, which has been a primary target during SEC Chair Gary Gensler’s leadership, is significantly rising as he prepares to step down.
Notable figures like John Deaton are leading the charge in projecting a bullish outlook for XRP, with claims that the asset may never drop below $1 again.
According to John Deaton, a crypto lawyer and XRP advocate, XRP is poised to reclaim a $100 billion market cap, noting that times have changed and the days of XRP’s unimpressive performance are over.
XRP soars past $1 amid leadership shakeup at SEC
On November 16, 2024, XRP broke into the $1 range for the first time in three years and traded as high as $1.267 that day. The price of the coin has continued to rise as Gensler said he would resign from his leadership position at the agency when President-elect Donald Trump takes control of the White House in January.
Currently trading at $1.57, Ripple has increased 20% over the past day. On Friday, the asset reached its highest price since May 2021 at $1.49. At one point today, XRP reached as high as $1.62 during its ongoing bull rally, which peaked on Friday. While the intensity of the rally has since cooled, XRP remains strong in the $1.50 range.
Just two days ago, on Thursday, Ripple was trading at $1.0821, meaning the asset has seen an impressive 49.71% growth in under 48 hours. As the coin inches closer to the $2 mark, analysts are increasingly confident that the days of XRP dipping below $1 may be behind it.
In an X post, a famous millionaire mentor, “The Bearable Bull,” declared that we will never see XRP go below $1 again. Connor McGlaughlin, a YouTube influencer and XRP investor also believes the coin is rising as fears fade over its regulatory status.
Regulatory hopes and legal battles drive Ripple’s price surge
Since its launch in 2013, Ripple has consistently ranked among the largest cryptocurrencies by market capitalization. However, in 2020, the SEC filed a lawsuit alleging that Ripple’s token is a security. Although a federal judge later ruled that the token is “not necessarily a security on its face,” regulatory uncertainty has lingered, with the SEC appealing the decision.
Juan Leon, Senior Investment Strategist at Bitwise, recently said that Ripple’s price surge stems from optimism about a potential shift in the regulatory landscape under Trump. Despite the SEC’s prolonged legal battle with Ripple Labs, a change in leadership could open the door to new possibilities, particularly if the agency chooses to drop its four-year-long lawsuit.
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