XRP Rises Amid Harris Crypto Plan, Trump SEC Speculation

On Tuesday, October 15, XRP, Ripple’s native token, experienced a surge, climbing 4.44% to hit a 12-day high of $0.5552. This upward momentum, however, faced a slight pullback, with the token slipping to $0.5404 at the time of writing, marking a 1.31% decline in the past 24 hours.

TradingView’s daily chart shows that the token’s recent price movement follows a steep drop that began in late September. The cryptocurrency briefly reached a crucial level of $0.6645 before plunging more than 23% to a low of $0.5071 by October 3. After weeks of downward pressure, XRP appears to be regaining its footing, with this recent rally signaling a potential recovery.

BREAKING: #RippleSwell 2024 in Miami is now loading!🌴 pic.twitter.com/cYf5oeofc2

— Ripple (@Ripple) October 15, 2024

Fueling this optimism is the anticipation of Ripple’s upcoming Swell event, an annual gathering hosted by the San Francisco-based blockchain company. Despite the token’s recent boost, it has lagged behind the broader cryptocurrency market, which saw a modest increase of 0.10%, lifting the total market cap to $2.3 trillion. Whether this rally will be sustained remains a question as traders eye both market trends and upcoming developments surrounding Ripple.

XRP Rallies Amid Crypto Policy Shake-Up: Harris’s Plan and Trump’s SEC Gambit

XRP’s recent price surge follows U.S. Vice President Kamala Harris’s unveiling of her vision for cryptocurrency regulation. In a speech, Harris highlighted the growing participation of Black Americans in the crypto space—over 20% have owned digital assets—while advocating for clear regulatory frameworks.

JUST IN: 🇺🇸 Kamala Harris Campaign Makes First Statements On Crypto Policy!

“A plan come up with rules for cryptocurrency and other digital assets; more than 20% of Black Americans own or have owned cryptocurrency assets, according to the campaign” — NPR

According to the… pic.twitter.com/BHyfa1uqQs

— Good Morning Crypto (@AbsGMCrypto) October 14, 2024

This focus on broadening crypto access has fueled speculation about bipartisan support, though some, like Fox Business’s Eleanor Terret, questioned the campaign’s selective outreach, casting doubt on the plan’s broader inclusivity. At the same time, former President Donald Trump’s rising odds for a 2024 victory add another layer of intrigue.

With a 57.5% chance of winning the 2024 election on Polymarket, Trump has made it clear he intends to oust SEC Chair Gary Gensler, a move that could reshape the agency’s stance on its Ripple appeal. As the SEC faces a December 2 deadline, Trump’s potential victory has left XRP traders on edge, speculating how a Trump win might sway the outcome and reshape the regulatory landscape.

XRP/USD Price Outlook

Despite Monday’s surge, the token couldn’t push past the crucial $0.55 level as uncertainty looms over the SEC’s pending appeal. Moreover, the coin continues to trade below the 50-day and 100-day SMAs, indicating a bearish undertone. Still, should XRP manage to breach these SMAs, it could pave the way for a rally toward the $0.5739 resistance zone.

Breaking beyond $0.5786, a hurdle at the 61.8% Fibonacci retracement, might ignite bullish momentum, targeting the $0.6609 resistance level. The bullish case gains even more traction with the 100 SMA crossing above the 50 SMA, hinting at a potential upward trend that may have staying power. On the flip side, a decline beneath the $0.50 mark could open the door to further downside, with trendlines coming into focus.

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