XRP trading volumes are surging by 143% today to $19 billion as the market’s positive sentiment concerning the future of the Ripple blockchain has managed to produce a robust rally since the year started.
In the past 24 hours, the price of XRP has surged by 10.8% and temporarily broke the $3 resistance. During this period, nearly 11% of the token’s circulating supply exchanged hands.
One of the main drivers for this surge is that the deadline for the U.S. Securities and Exchange Commission (SEC) to file an appeal on the judge’s verdict in its case against Ripple expires today.
Two of the project’s top executives blasted the SEC’s leadership for rejecting a proposal to postpone the appeal’s deadline. Brad Garlinghouse, Ripple’s Chief Executive Officer, categorized Gary Gensler’s decision as “dismissive of the 2024 election and the American public.”
On January 20, Gensler’s war on crypto ends at the SEC. We asked the SEC to agree to postpone the filing of their opening brief in their appeal of our victory (current deadline Jan 15) – and they refused. What a waste of time and taxpayer dollars!
Nevertheless, we are confident…
— Stuart Alderoty (@s_alderoty) January 14, 2025
Meanwhile, the project’s Chief Legal Officer, Stuart Alderoty, called the agency’s reluctance a “waste of time and taxpayer dollars.”
Back in October 2024, the SEC appealed a court ruling that imposed a $125 million penalty on Ripple for violating securities laws when they sold XRP to institutional investors. This penalty represented only a fraction of the total that the SEC was seeking to get from the blockchain company.
However, today’s appeal refers to the Programmatic Sales ruling issued by Judge Analisa Torres, who declared that Ripple’s sales of XRP to retail investors did not breach any U.S. securities laws.
XRP Retreats Shortly After Breaking the $3 Barrier
Today’s big leap in the price of XRP could mark a pivotal moment for the cryptocurrency as it came the closest it has been in the past 6 years to its 2018 all-time high of $3.31 per token.
During the session, the price surged to $3 and then started to retrace as market participants took a breather.
Today’s price action has significant implications for XRP from a technical standpoint, as the $2.75 resistance has already been broken, while the $3 level coincides with a voice psychological threshold and the 0.618 Fibonacci level shown in the chart.
Moving forward, a break above the 0.50 Fibonacci could propel the price of XRP to the $4 level in the next few months as a fresh bullish cycle would begin for this digital asset.
A new administration will soon take over and Gary Gensler will be replaced by a pro-crypto leader at the SEC. The crypto industry expects that Trump’s pick for the agency, Paul Atkins, could come to an understanding with Ripple and put an end to years of relentless persecution and hostility against the company.
If that happens, chances are that the price of XRP will skyrocket as the company’s value proposition of becoming the go-to network for cross-border payments continues to be intact and has even strengthened with the recent launch of its stablecoin RLUSD.
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Just two days after its presale event was launched, Mind of Pepe has raised $1.16 million from investors. This project leverages the power of artificial intelligence to create social trends that can be monetized by minting tokens and placing trades based on social sentiment and other technical indicators.
Mind of Pepe ($MIND) has a mind of its own that is designed to plan and execute sophisticated strategies based on his analysis of social media trends and the creation of popular digital assets that the public would be inclined to invest in.
The native token of this project, $MIND, is currently available at just $0.0031259. However, the presale price will increase in the next 40 hours to reward early buyers.
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The era of artificial intelligence has started and it is already taking over the crypto world. With Mind of Pepe ($MIND), you can make the most of two hot sectors in the tech space and multiply your investment.
