TL;DR
- XRP saw strong gains in the last 24 hours, with analysts suggesting it could follow Dogecoin’s recent rally toward higher targets.
- The SEC lawsuit adds uncertainty to the asset’s performance, but Trump’s win has raised hopes for drastic changes at the regulator.
XRP to Cope DOGE’s Rally?
Many leading cryptocurrencies charted fresh daily gains today (November 12), and this time, Ripple’s XRP is among the best performers. Its price is up 9% on a 24-hour scale, briefly surging to an eight-month high of $0.67 and currently trading at approximately $0.64 (per CoinGecko’s data).
According to numerous market observers, XRP is poised to experience a major bull run soon, similar to other altcoins that have taken center stage lately.
The X user Mikybull Crypto believes the asset could copy Dogecoin’s (DOGE) “massive surge,” setting a target of $2. The biggest meme coin has witnessed a price explosion of 260% in the past month, reaching a three-year high of over $0.44. As of the moment of writing these lines, it trades slightly that mark.
Cryptoinsightuk shared a similar thesis, predicting that XRP might mimic the gains of DOGE and ADA. “I honestly feel a clean break of $0.66, and we send it $1+. Probably find resistance around $1.28,” the analyst suggested.
Dark Defender, who has been following XRP’s price fluctuations and made multiple bullish forecasts in the past several months, also chipped in. The pundit argued that the critical resistance level of $0.6044 is “dead,” meaning the price is now headed toward the next target of $0.6649.
“We then set an extraordinary level of $0.6649. And underlined with Bold Fonts that this damn level is the strongest of all! And as soon as we see XRP above $0.66, a day, a week, a month, then we will see tremendous moves,” Dark Defender stated last month.
Ripple’s Legal Troubles
One important factor that has potentially put the brakes on XRP to follow the gigantic resurgence of the cryptocurrency market in the past several days is the ongoing lawsuit between Ripple and the US SEC. The case dates back to 2020, with the regulator recently appealing a 2023 verdict ruled by Federal Judge Torres. Thus, it prolonged the battle, triggering additional uncertainty among investors.
However, Donald Trump’s presidential win may be considered good news for the XRP army. After all, he promised to fire the SEC’s Chairman on day 1. The agency and its leader have filed countless lawsuits against crypto businesses, and the community will welcome a successor who is more open to innovation.
We have yet to see whether the Republican will stick to his promise. Earlier this month, the Fox Business journalist Eleanor Terrett claimed she discussed the matter with “a person close to the Trump transition team,” who assured her the new Chairman “will be someone pro-crypto.”
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