XRP Skyrockets 5% as Trump Appoints Pro-Crypto Mark Uyeda as Acting SEC Chair

In a groundbreaking shift for the cryptocurrency landscape, Ripple's XRP surged by 5% following President Donald Trump's appointment of Mark Uyeda as acting chair of the Securities and Exchange Commission (SEC). This change is seen as a potential game changer for Ripple's ongoing legal battle with the SEC, which may soon come to a close under Uyeda's pro-crypto leadership.

Recent on-chain data indicates that whale investors—large holders of cryptocurrency—have ramped up their buying activities, exacerbating bullish sentiment around XRP. Should XRP manage to break through the upper boundary of a bullish flag formation, analysts predict it could soar to an unprecedented high of $4.22.

A Pro-Crypto Shift in Leadership

The cryptocurrency community is buzzing with optimism, as many speculate that the SEC might abandon its appeal against Ripple following the resignation of former chair Gary Gensler. President Trump announced Uyeda's appointment on the first day of his administration, signaling a commitment to clearer cryptocurrency regulations—a stance Uyeda has advocated passionately.

This newfound optimism is further reflected in XRP investment products, which logged significant net inflows of $31 million, underscoring a robust start for the asset this year. Notably, since mid-November, XRP has attracted an astounding total of $484 million in inflows, even without the participation of U.S. investors.

Industry experts weigh in on the potential for XRP exchange-traded funds (ETFs) should they receive SEC approval. Analysts from Standard Chartered estimate that XRP ETFs could attract between $4.3 billion and $8.4 billion within the first six to twelve months, an influx that would dramatically reshape market dynamics.

Whale Activity Signals Investor Confidence

In the past 24 hours, XRP has seen a substantial increase in whale transactions, which generally indicate accumulation by larger investors. While recent market fluctuations caused the price to dip below $3.00, overall net outflows have suggested a preference for buying rather than selling among major holders.

Despite XRP briefly experiencing a downturn in its derivatives market—with open interest decreasing from 2.34 billion XRP to 2.07 billion XRP—there are signs of a recovery. XRP's funding rates have surged to a six-week high of 0.0143%, reflecting growing confidence in the cryptocurrency's long-term viability.

The Path Ahead for XRP: Bullish Predictions

XRP also experienced $25.67 million in futures liquidations over the last day, with liquidated positions split between long and short trades. Looking at technical analysis on the 8-hour chart, XRP is currently forming a bullish flag, having broken above a bullish pennant and previously hitting a 2024 high of $2.90. If XRP is able to maintain support at this level, it could break through its all-time high of $3.55 and rally towards the projected $4.22.

However, should the price fall below $2.90, XRP could retrace to around $2.60, potentially hitting key Fibonacci support levels in the process. Fortunately, momentum indicators such as the Relative Strength Index (RSI) and Stochastic Oscillator are above neutral thresholds, suggesting prevailing bullish momentum.

In conclusion, the appointment of Mark Uyeda as SEC Chair not only impacts Ripple's future but could very well ignite a broader resurgence for XRP and the cryptocurrency market as a whole. For those looking to invest in this volatile but potentially rewarding landscape, the coming days could be crucial.