FOMO

strong bull

XRP started its strong bull run right after the broader crypto market started to cool down.&nbsp; 
XRP (<a href="https://crypto.news/price/xrp/" target="_blank">XRP</a>) reached an eight-month high of $0.73 late Tuesday and soon its price started to decline. The asset became the seventh-largest cryptocurrency, surpassing USDC’s $36 billion market cap. 
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 XRP price | Source: <a href="https://crypto.news/price/xrp/" target="_blank">crypto.news</a>
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Despite the mild price drop, XRP is still up 8% in the past 24 hours and is trading at $0.654 at the time of writing. Its market cap is currently sitting at $37 billion. 
XRP’s daily trading volume almost tripled, surpassing the $12 billion mark. High trading volume usually leads to high volatility. 
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One of the most important factors for XRP to break the $0.74 barrier is the fear of missing out, according to Santiment.&nbsp; 
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 https://twitter.com/santimentfeed/status/1856515787814814152 
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At this point, over 4% of all the crypto-related discussions on social platforms are related to XRP as its price neared the March high.&nbsp; 
Data shared by Santiment shows two similar spikes in the <a href="https://crypto.news/xrp-price-rises-as-analyst-sees-a-big-ripple-bull-run-ahead/" target="_blank">XRP</a> social dominance. The first came in early August when XRP surged from $0.44 to above the $0.60 mark — suggesting a local top. 
The second spike came in early October as the XRP price plunged from $0.64 to $0.52 — showing its local bottom. 
If the <a href="https://crypto.news/xrp-price-rare-pattern-points-to-ripple-hitting-1/" target="_blank">XRP price</a> gains upward momentum before its social spike fades away, it’s likely the asset will reach the $0.74 zone. 
Another major catalyst could be the XRP funding rate on major crypto exchanges. For example, the asset’s Binance funding rate shows a very high ratio of longs over shorts. This could hint at a potential price correction if the amount of long liquidations exceeds shorts. 
XRP’s rally is also connected to the Donald Trump win in the <a href="https://crypto.news/post-election-volatility-cools-down-as-crypto-liquidations-decline/" target="_blank">U.S. presidential election</a>. The president-elect vowed to fire Gary Gensler, the U.S. Securities and Exchange Commission chairman. 
The SEC, under a crypto-friendly chairperson, could potentially end its legal battle with Ripple, the company behind XRP, which would trigger another wave of FOMO among investors. 
Most notably, Trump has been <a href="https://crypto.news/trump-is-considering-robinhoods-dan-gallagher-as-sec-head-gary-genslers-replacement-report/" target="_blank">considering</a> Dan Gallagher, the chief legal officer at Robinhood, as Gensler’s replacement at the SEC. 
 Read more: <a rel="" href="https://crypto.news/bitwise-acquires-ethereum-staking-provider-attestant-with-3-7b-in-aum/"> Bitwise acquires Ethereum staking provider Attestant with $3.7b in AUM </a>

Three bullish cases for XRP: FOMO, funding rates, SEC battle

crypto.news

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