#15天打卡挑战

Factors affecting the rise of XRP
The era of the Chairman of the U.S. Securities and Exchange Commission (SEC) comes to an end. The price of XRP has experienced a sharp increase in the past 24 hours, mainly due to the resignation announcement of the current Chairman of the SEC, Gary Gensler.
As elected US President Donald Trump seeks to appoint a SEC chairman who supports encryption currency, Grantham announced that he will resign on January 20th.
Although this news was expected, the announcement comes as a huge relief to the XRP community after the latest appeal in the SEC vs. Ripple lawsuit.
Short-term squeeze impact
In the past 24 hours, the leverage market of encryption currencies has experienced a total of 406 million US dollars in forced liquidation. Most of the liquidated encryption investors are shorting traders, thereby amplifying the impact of the ongoing short-term squeeze.
It is worth noting that over 25 million US dollars were liquidated in the XRP leveraged market.
Therefore, more traders are starting to have a bullish view on the XRP price after successfully breaking out of the long-term symmetrical triangle pattern.
In addition, the Relative Strength Index (RSI) of XRP broke through the 70% level for the first time since April 2021, marking the return of bullish sentiment.
Whale investors demand rise
The open interest (OI) of XRP's perpetual contracts first broke through $2.1 billion, and demand significantly rises as the instrument breaks through the key medium-term target. The daily volume of XRP was hovering around $17.3 billion earlier today, showing a significant surge in demand.
Based on on-chain data analysis, XRP whales have been actively accumulating recently, and it is expected that there will be legal clarity in the United States in the near future.