Bitcoin and the cryptocurrency market have seen positive movements following the recent U.S. elections, which reinstated former President and pro-crypto Republican Donald Trump for another term.
Nonetheless, one altcoin that could benefit most from this situation is Ripple (XRP), especially after enduring a lengthy battle with the SEC over ambiguous crypto regulations.
The days of the Ripple vs. SEC battle are numbered
Ripple’s native token, XRP, has been attracting considerable interest lately due to its ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC) and its growth possibilities as the political landscape in the U.S. shifts toward crypto-friendly leaders.
Read more: XRP Price Prediction: Is Ripple Ripe for a 75% Jump?
The ongoing legal challenges with the SEC have significantly influenced XRP’s market price. A positive outcome under the new administration could eliminate legal ambiguities, enhancing XRP’s value.
Meanwhile, many newly elected senators are Republicans and many support cryptocurrencies. This has generated optimism within the crypto sector, putting XRP back on an upward trajectory.
Experts observed large on-chain transactions a few hours after the election’s conclusion, further contributing to this enthusiasm.
Whale Alert reported two significant Ripple (XRP) transfers, one of 100 million XRP worth over $53.7 million and another involving 470 million XRP, valued at about $250 million.
Ripple (XRP) on-chain movement | Whale Alert
Despite facing some barriers, XRP has demonstrated resilience and is backed by a devoted community of supporters. In just the past week, the XRP crypto token has increased by 7.60% and 3.43% in the last 24 hours, indicating that a potential price surge could be imminent.
XRP Price Prediction
At the time of writing, Ripple (XRP) is trading at $0.55399. The trading volume for XRP during this time is a significant $1.98 billion, reflecting strong market engagement.
XRP price chart today | TradingView
Any positive developments related to regulatory clarity for XRP, or even Donald Trump’s commitment to dismissing Gary Gensler, as he stated during his campaign, could boost investor confidence.
In a positive scenario, if XRP surpasses the $0.63 resistance level, it might target $0.74 and possibly higher by year-end. This situation hinges on optimistic market sentiment and beneficial regulatory developments.
Conversely, if the market remains bearish, XRP could fall back to $0.48, suggesting a short-term downturn. This would necessitate a change in market dynamics or adverse news that affects investor confidence.
Read more: 3 Donald Trump Policies to Push Bitcoin Price Higher
