The price of Ripple’s XRP has experienced a significant increase since Donald Trump won the US presidential election early this November.
Many see a brighter regulatory landscape for cryptocurrencies under the president-elect, who favors digital assets.
After an impressive November rally of nearly 285%, XRP has continued its momentum in December, appreciating by a further 35%, notwithstanding a minor correction last week that saw the coin dip from a $2.9 high to settle at $2.22 as of early December 10.
Expectedly, XRP’s recent price increase has led to a new bullish sentiment in the market, with analysts and investors predicting even further price gains ahead.
Peter Brandt Expects Better Days For XRP
On Sunday, veteran trader and market analyst Peter Brandt expressed enthusiasm for XRP by describing the XRP/USD chart as “the most powerful in all of crypto world.”
His view highlights XRP’s breakout from a seven-year trend that exhibits a triangular pattern. For him, the new trend signals likely upward momentum for XRP.
From Brandt’s chart, a market capitalization level of $146.3 billion can be identified as the resistance the XRP needs to go past.
After surpassing that level to reach over $150 billion last week, the coin has since experienced a decline and currently boasts a market capitalization of $125,849,884,309, according to CoinMarketCap. This still makes XRP currently the fourth-largest crypto in terms of market capitalization.
On December 2, Brandt predicted that XRP’s price could reach up to $4.50 to $5. Its recent surpassing of the $2 mark was the first time it has achieved this since January 2018, when it recorded an all-time price high of over $3.
Identifying Other Drivers Of The XRP Price Increase
Apart from Trump’s victory, a couple of other factors seem to have also played a role in the recent surge of XRP’s price. The first is the sudden and unanticipated resignation of Gary Gensler, the Chair of the US Securities and Exchange Commission (SEC).
Gensler was widely seen as anti-crypto, and hence, his exit is inspiring bullish sentiment in the market.
Another factor is the possibility of an XRP ETF joining the already approved Bitcoin and Ethereum ETFs, which were approved earlier in 2024.
However, any hopes for an XRP ETF will not be a reality until the Republicans take over power in January since the SEC has made it clear no additional ETFs will be approved under the present Democrat government.
Notably, Brandt’s XRP optimism is a significant shift from his earlier views about the coin. For several years, he has been a vocal XRP critic, a position that has made him a target for criticism from XRP community members.
For example, some months ago, he claimed that the XRP/BTC pair was gravitating towards zero. In August, he predicted that the members of XRP’s community would be slowly disappearing, never to be seen again should a multi-year bearish scenario emerge.
With XRP’s price gains, you might be interested in investing in the coin. Check out this BTC Republic guide on how to buy XRP in 2024.
