XRP price has been experiencing a bullish trend, closing the week above the $0.5400 level and reaching an intra-day high of $0.5415.
This upward momentum can be attributed to the positive sentiment in the broader cryptocurrency market, especially following Bitcoin’s surge past the $63,000 mark.
As Bitcoin climbs, it often boosts confidence in other cryptocurrencies, including XRP.
Moreover, XRP’s recent uptick has been fueled by news that Ripple co-founder Chris Larsen donated $1 million worth of XRP to the Harris-Walz 2024 presidential campaign.
This high-profile contribution underscores the increasing institutional interest in XRP and is likely to enhance market sentiment, potentially attracting more investors to the cryptocurrency.
Chris Larsen’s Donation to Kamala Harris: A Potential Boost for XRP’s Market Visibility
On the positive side, Ripple co-founder Chris Larsen recently made headlines for donating $1 million in XRP to support Vice President Kamala Harris’s presidential campaign through the Future Forward USA political action committee.
This is his first recorded cryptocurrency donation, bringing his total contributions to Harris’s campaign to over $1.9 million.
However, the donation comes amid Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) regarding the classification of XRP as a security.
Despite this legal challenge, Larsen’s high-profile donation underscores the growing influence of digital assets in American politics.
As we know, Harris has been relatively quiet on crypto issues but has recently shown interest in engaging with the digital asset community. Her campaign launched the Crypto4Harris initiative to connect with crypto supporters and develop a pro-crypto policy framework.
This effort comes as both political parties seek to appeal to the crypto community during the election season.
In late September, Harris’s campaign released a statement promising to support innovative technologies like digital assets while protecting consumers and investors, aiming to strengthen her relationship with the crypto industry.
Hence, Chris Larsen’s substantial donation to Harris’s campaign could enhance XRP’s visibility and credibility, attracting more institutional investors and boosting market sentiment.
This increased interest may lead to a positive price movement for XRP in the coming months.
Ripple’s Legal Battles and XRP’s Market Outlook: Key Impacts
In July 2023, U.S. District Judge Analisa Torres ruled that XRP is not a security, marking a partial win for Ripple Labs. Despite this, the U.S. Securities and Exchange Commission (SEC) continues to argue that XRP should be classified as a security, creating tension between Ripple and the regulator.
Ripple CEO Brad Garlinghouse criticized the SEC for disregarding the court’s ruling, suggesting the agency is acting beyond its authority. This criticism surfaced alongside Bitnomial’s lawsuit against the SEC, arguing that XRP futures should fall under the Commodity Futures Trading Commission (CFTC), not the SEC.
Ripple’s Chief Legal Officer, Stuart Alderoty, also condemned the SEC’s actions, accusing the agency of setting a dangerous precedent by pushing compliance through threats.
Key Takeaways:
Ripple vs. SEC: XRP ruled as “not a security” but the SEC challenges it. Legal Friction: Ripple criticizes SEC overreach; Bitnomial lawsuit adds pressure. Market Impact: Positive legal outcomes could boost XRP’s market position and price.Ripple’s ongoing legal battles may strengthen XRP’s market presence, enhancing investor confidence.
XRP Eyes $0.5436 Breakout Amid Triangle Pattern
XRP is trading at $0.5380, down 0.25% as it consolidates within a symmetrical triangle pattern, signalling a potential breakout in either direction. Immediate resistance sits at $0.5436, just below the upper boundary of the triangle, where a double-top formation could cap further gains.
If the price manages to break above $0.5436, the next resistance levels to watch are $0.5508 and $0.5582.
On the downside, XRP finds immediate support at $0.5297, followed by stronger support at $0.5233 and $0.5161.
The RSI stands at 55, indicating neutral momentum with room for movement in either direction. The 50-day EMA at $0.5349 is closely aligned with the pivot point at $0.5355, offering key support.
A break below this level could trigger a sharp selling trend. Conversely, a break above the $0.5436 resistance would likely drive further bullish momentum.
PEPE Unchained Raises Over $18 Million: New 10x Meme Coin Potential?
Pepe Unchained ($PEPU) continues to attract attention in the meme coin market, raising $18.4 million in its presale so far. With just a few thousand dollars remaining to hit its $18.6 million target, investors are eagerly watching.
The token’s presale price currently stands at $0.00996 per $PEPU, with a potential price increase expected soon.
Popular crypto analyst Jacob Crypto Bury has released a video discussing $PEPU’s growth potential, highlighting its strong presale performance and staking rewards.
Bury maintains a neutral stance but notes that $PEPU’s secure contract audits and high staking APY of 499% position it as a potential top performer in the meme coin space.
Key Highlights:
Strong Presale Performance: $18.91 M raised so far; nearing $18.94 M target. High APY for Staking: Earn up to 499% APY by staking $PEPU tokens. Analyst Commentary: Jacob Crypto Bury discusses $PEPU’s potential growth.With investor sentiment remaining strong, now might be the time to consider adding $PEPU to your portfolio before the next price increase.
Buy PEPU Here
The post XRP Price Forecast as Ripple Co-founder Donates $1 Million in XRP to Harris Campaign appeared first on Cryptonews.
