Why Is Ripple Going Up Today?

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Ripple (XRP) is surging today, climbing approximately 10% and reaching $1.43—a level not seen since May 2021. This sharp upward movement marks a pivotal moment for the cryptocurrency, driven by a confluence of regulatory shifts, institutional adoption, and strong on-chain activity. As investor sentiment turns decisively bullish, many are asking: Why is Ripple going up today? The answer lies in a powerful mix of macro-level crypto developments and XRP-specific catalysts.

Key Catalysts Behind the XRP Price Surge

SEC Chair Gary Gensler’s Resignation Announcement

One of the most significant drivers behind the current rally is the announcement that U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler will step down on January 20, 2025. His departure signals a potential shift in the SEC’s regulatory approach toward cryptocurrencies.

“On January 20, 2025 I will be stepping down as @SECGov Chair.”
— Gary Gensler, November 21, 2024

Gensler’s tenure has been defined by an aggressive “regulation by enforcement” strategy, particularly evident in the long-running lawsuit between the SEC and Ripple Labs. The market responded swiftly to the news, with XRP spiking nearly 13% on Thursday alone.

Analysts interpret this transition as a window for more crypto-friendly leadership at the SEC. A new chair could pave the way for a favorable resolution to the Ripple case, potentially reclassifying XRP as a non-security. This would unlock broader institutional adoption and trading availability across major U.S. platforms.

👉 Discover how regulatory shifts are reshaping crypto markets—explore real-time data and insights.

WisdomTree Launches Physical XRP ETP in Europe

Another major catalyst is the European launch of the WisdomTree Physical XRP ETP on November 21, 2024. Listed across major exchanges including Börse Xetra, SIX Swiss Exchange, and Euronext Paris and Amsterdam, this product offers regulated exposure to XRP for European investors.

“We’re excited to announce the launch of the WisdomTree Physical XRP ETP… a simple, secure, and low-cost way to gain exposure to XRP.”
— WisdomTree in Europe, November 21, 2024

This development is more than just a regional milestone—it's a signal of growing institutional confidence in XRP. By offering a physically backed exchange-traded product (ETP), WisdomTree enhances liquidity, transparency, and accessibility for both retail and institutional investors.

Market observers see this as a precursor to a potential U.S.-based XRP ETF in the future, especially if regulatory headwinds subside following Gensler’s exit.

On-Chain Metrics Confirm Bullish Momentum

Beyond external catalysts, on-chain data reveals strong organic demand for XRP.

Record Decentralized Exchange (DEX) Activity

According to CryptoQuant’s weekly report, decentralized trading volume on the XRP Ledger (XRPL) hit record highs. On November 15, DEX volume reached $3.5 million with 80 active traders—remarkable growth since the introduction of XRPL’s Automated Market Maker (AMM) system in May 2024.

The XRPL network now supports both Limit Order Book DEX and AMM-based trading, increasing flexibility and attracting more users. Active addresses have also surged to their highest daily levels since early 2024, indicating renewed network engagement.

Futures Open Interest Reaches All-Time High

Open Interest (OI) in XRP futures has climbed dramatically—from $1.81 billion on Thursday to $2.43 billion on Friday—according to Coinglass data. This represents a new all-time high and suggests significant new capital entering the market.

Rising OI during a price uptrend typically indicates strong conviction among buyers. Traders are not only purchasing spot holdings but also taking leveraged long positions, betting on continued price appreciation.

👉 Track real-time open interest and on-chain metrics to stay ahead of market moves.

Technical Outlook: Can XRP Reach $1.96?

From a technical perspective, XRP is showing signs of a sustained breakout.

The weekly chart reveals that price has decisively broken above $1.27—the 50% Fibonacci retracement level between the April 2021 high ($1.96) and June 2022 low ($0.287). As of Friday, XRP is trading near $1.43, testing the psychological resistance at $1.40.

A weekly close above $1.40 could trigger further momentum toward the next key resistance level: **$1.96**, which would mark a three-year high.

However, traders should remain cautious. The Relative Strength Index (RSI) on the weekly timeframe is currently at 83, indicating severely overbought conditions. Historically, such readings precede short-term pullbacks or consolidation phases.

While the long-term trend remains bullish, investors are advised to monitor RSI behavior closely. A reversal from overbought territory could signal a temporary correction before any further upward move.

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Frequently Asked Questions (FAQ)

Why did XRP go up so much today?

XRP surged due to two major catalysts: the announcement of SEC Chair Gary Gensler’s upcoming resignation and the European launch of the WisdomTree Physical XRP ETP. Both events boosted investor confidence in XRP’s regulatory future and institutional adoption prospects.

Could XRP reach $1.96?

Yes, technically speaking, $1.96 is a realistic target if XRP sustains a weekly close above $1.40. This level represents a three-year high and aligns with key Fibonacci extension levels. However, current overbought conditions suggest caution before expecting immediate follow-through.

What is the WisdomTree XRP ETP?

The WisdomTree Physical XRP ETP is a regulated exchange-traded product available in Europe that provides investors with direct exposure to XRP through traditional financial markets. It’s physically backed, meaning each unit holds actual XRP tokens.

How does Gary Gensler’s resignation affect Ripple?

Gensler’s departure opens the door for a more balanced and innovation-friendly SEC leadership. Given his role in the SEC’s lawsuit against Ripple, his exit increases optimism for a favorable legal resolution and potential reclassification of XRP.

Is high open interest good for XRP?

Generally, rising open interest during a price rally indicates strong market participation and new capital inflow—both bullish signs. However, extremely high OI can also increase volatility, especially if sentiment shifts suddenly.

What do on-chain metrics say about XRP?

On-chain data shows record DEX volume, growing active addresses, and increasing liquidity on the XRPL network. These fundamentals support the current price action and suggest sustainable demand beyond speculative trading.

👉 Access advanced on-chain analytics and live market dashboards to validate trends yourself.

Final Thoughts: A Turning Point for XRP?

The stars may finally be aligning for Ripple. With regulatory uncertainty potentially easing, institutional products launching in key markets, and on-chain activity hitting record levels, XRP appears poised for a transformative phase.

While short-term overbought signals warrant caution, the broader narrative is undeniably bullish. If these momentum drivers persist into 2025, Ripple could not only reclaim its 2021 highs but also solidify its position as a foundational digital asset in global payments infrastructure.

For investors tracking this space, now is the time to monitor developments closely—and understand the forces shaping one of crypto’s most watched legal and market narratives.