XRP (XRP) jumped 17% over the last 24 hours, outperforming the rest of the crypto market as the rally cooled off.
Data from Cointelegraph Markets Pro and TradingView shows XRP rose from a low of $0.6833 on Nov. 14, climbing as much as 24% to a 16-month high of $0.8479.
In comparison, the total crypto market capitalization was down, posting 2.8% daily losses to $2.91 at the time of publication. Bitcoin (BTC) had dropped 4%, while Ether (ETH) was down 6% over the same timeframe.
XRP/USD daily chart. Source: TradingView
What are the factors behind XRP’s latest bullish momentum?
Shifting US regulatory climate supports XRP price growth
XRP traded at $0.7955 on Nov. 15, extending the weekly gains to 50% and reaching levels last seen on June 19, 2023. The rally came as 18 US states filed a suit against the Securities and Exchange Commission and its commissioners, including Chair Gary Gensler, for “unconstitutional overreach” of the crypto industry.
The plaintiffs include Nebraska, Tennessee, Wyoming, Kentucky, West Virginia, Iowa, Texas, Mississippi, Ohio, Montana and others.
This comes on the heels of a statement by Gensler “suggesting he may be leaving” the agency, according to The Kobeissi Letter.
Source: The Kobeissi Letter
The lawsuit also alleges that the SEC has infringed upon states’ rights to regulate their economies.
The suit comes amid increasing speculative optimism in the crypto community that a crypto-friendly business environment under incoming United States President Donald Trump could benefit tokens linked to US-based companies, such as Ripple Labs — the company behind XRP — and Uniswap (UNI), boosting their value in the long run.
Increasing open interest backs XRP price recovery
The surge in XRP’s price on Nov. 15 comes after a sharp rise in its open interest (OI).
Open interest is a key metric that traders and analysts use to assess market sentiment and anticipate future price movements.
XRP’s OI rose to $1.3 on Nov. 15, about 20% higher than the $1.1 billion recorded a day prior, according to CoinGlass data.
XRP’s open interest across all exchanges. Source: CoinGlass
High open…
..
