Ripple surges to new 2024 high on XRP Robinhood listing, Gensler departure talk

Ripple (XRP) extends its gain on Friday after rallying over 30% since Monday and reaching a new year-to-date high of $0.847. The main reasons for the rally are the listing of XRP on the US exchange Robinhood and speculation about the US Securities and Exchange Commission (SEC) Chair Gary Gensler’s resignation as Ripple is facing a long-standing legal battle with the regulator.

Another factor favoring the XRP price outlook comes from SG-FORGE, a subsidiary of French bank Societe Generale, which said it plans to deploy its Euro stablecoin, EURCV, on the XRP Ledger network.

Why is Ripple going up today?

Ripple price extends its gains by almost 6% on Friday after a 12% surge, reaching a new yearly high the previous day at $0.847. The main reasons for the recent price surge are:

First, the listing of Ripple on the US exchange Robinhood on Wednesday, along with other coins such as Solana (SOL), Cardano (ADA) and Pepe (PEPE). The listing is a positive sign for the accessibility and liquidity of the token. This renewed interest from exchanges will likely attract investors and traders to the XRP token.

Secondly, there is increasing talk about the possible resignation of Gary Gensler as the SEC’s chair. 

In a speech on Thursday, reproduced on the SEC official website,  Gensler used some words hinting at a potential departure. 

“It’s been a great honor to serve with them,” he said, referring to the SEC staff. “I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance,” he added. Neither the SEC nor Gensler himself have confirmed any resignation. 

However, the market is reacting positively to hints of Gary Gensler’s potential departure as they foresee an end to the “regulation by enforcement” approach to crypto, which has hit Ripple particularly hard.

Analysts consider that a new, more pro-crypto SEC chair could lead to a favorable outcome in the legal battle between the SEC and Ripple, unlocking XRP’s full potential and leading to its broader acceptance in the financial ecosystem. 

XRP/USDT weekly chart

Ripple’s weekly chart shows that its price broke above the weekly resistance of $0.744 this week, reaching a new year-to-date high of $0.847, and is nearing the key resistance level of $0.863.

If there is a weekly close above $0.863, XRP could extend the rally to retest its next target at $1.26, which aligns with the 50% price retracement level drawn from the April 2021 high of $1.96 to the June 2022 low of $0.286.

The Relative Strength Index (RSI) on the weekly chart reads at 68, well above its neutral level of 50, indicating bullish momentum is strong. 

Some other good news for Ripple

On Thursday, SG-FORGE, the digital assets-focused subsidiary of French bank Societe Generale, announced that it will launch its euro stablecoin, EUR CoinVertible (EURCV), on the XRP Ledger (XRPL) network by 2025.

SG-FORGE, which is deploying XRPL, wants to benefit from the network’s cross-border payment and tokenization capabilities, it said. 

Ripple stablecoin RLUSD is set to launch this year. The token is “operationally ready,” awaiting regulatory approval by the New York Department of Financial Services.