The 5th of November was one of the most awaited dates by XRP investors, and it did come with good tidings. Since yesterday, XRP has been making major gains, when compared to the rest of the market. Today, XRP (XRP) has pushed above the psychological $0.50 level and is up by over 13% at the time of writing. In the daily chart, XRP holds good prospects having broken resistance at $0.507, and could be up for more gains in the near-term.
What are the possible triggers behind this rally?
- Whitehouse meeting
It has hit the news that ripple met with the Whitehouse. The market has interpreted this to mean that ripple could be in the good books of the U.S government, which is a positive thing for ripple. That’s because, not only does it open up ripple to adoption by U.S banks, it also lowers the risk of an unfavorable decision from the SEC, about its status in the markets.
- Possible SEC softening stance towards cryptocurrencies
Yesterday, the SEC’s William Hinman stated that they would be releasing a plain English guide for cryptocurrencies. This could be interpreted to mean that the SEC is slowly warming up to cryptocurrencies. This could be based on the increased uptake of cryptocurrencies by major Wall Street firms such as Fidelity. This is a positive move for the cryptocurrency market, especially for coins like XRP (XRP), which is aiming for the highly regulated banking industry.
- Retail FOMO
Following the riddlers predictions about the 5th, investors have been watching XRP more than any other cryptocurrency. Therefore, the moment it spiked, many investors bought into the FOMO out of fear that the Riddler could be right, and they might miss out on some extraordinary gains. This has added to the buying pressure that XRP is facing at the moment. If XRP (XRP) jumps above $0.60, even more investors could FOMO in and could push XRP above a dollar.