CryptoQuant community analyst Maartunn highlighted that XRP’s current price rise is a “leveraged pump,” with a similar event in the past ending in a 17% correction.

According to data from CryptoSlate, XRP’s price was at $1.72 at press time, up 16.4% in the last 24 hours, becoming one of the best-performing cryptos in the top 10.

Open interest in XRP futures increased by 37% along with the recent price increase.

Additionally, XRP is up 232% in the last 30 days, which is more than four times the crypto market’s average return of 57.3% over the same period.

Bullish news

XRP began its run almost a week after the US election results, which resulted in former President Donald Trump returning to the White House for a second term.

During his campaign, Trump’s crypto-friendly approach fueled investor optimism and sparked gains in various altcoins, including XRP, which crossed the $1 threshold for the first time since November 2021.

However, the most significant increase in XRP occurred after November 21st, when Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC). announced he would leave his position on January 20, 2025. In the few hours following his statement, the price of XRP rose by 35%, reaching $1.60.

Under his administration, Gensler pursued a “regulation through enforcement” approach that led to the SEC taking action against major crypto firms such as Binance, Kraken, Coinbase and XRP issuer Ripple.

Notably, a four-year legal battle between Ripple and the US regulator is still ongoing as the SEC tries to prove in court that the XRP sales were in fact an unregistered securities offering.

The large price movement may then result in the lawsuit being dismissed as Trump begins his term, making XRP a viable investment.

In addition to the positive news suggesting that XRP may be delisted as a security in the US, Ripple has made important developments recently.

This week the company has invested in Bitwise’s XRP fund and started the first tokenized money market fund on its XRP ledger.

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