XRP News: Lawyer Eyes Massive Rally Amid Trump’s US Crypto Tax Exemption

1 month ago 24

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In the latest XRP news, pro-XRP lawyer Bill Morgan has sparked speculations with his X posts hinting at a potential rally to $1.35 next. This optimistic post comes as Ripple’s native crypto noted a strong rally today, soaring past the $0.71 level. Besides, speculations over Donald Trump eliminating all capital gains tax on crypto issued by the US companies have further fueled the confidence of the crypto market participants.

XRP News: Will The Crypto Hit $1.35 Soon?

Investors are keeping a close track of the latest XRP news, as the crypto has crossed the brief $0.71 mark today with robust gains. Amid this, pro-XRP attorney Bill Morgan has shared a price analysis for the crypto, which said that it will face the next resistance at $1.35. Sharing the chart, Bill Morgan said “bring it on”, reflecting his confidence in the asset.

Besides, looking at the ongoing rally of Ripple’s native crypto, the lawyer said the rally is “happening now perhaps.” This has further fueled sentiment, as the analysis claimed it to be the “most reliable trading pattern”, supporting the rally.

These series of posts, along with the recent rally indicate that the investors are shifting their focus towards the crypto. Besides, adding further optimism, a top crypto market expert, Dark Defender also said that XRP is poised to hit $0.74 next.

In addition, he noted that if the crypto stays above the $0.6649 mark and soars past the $0.74 level again, the next target for the crypto is $1.03. This also echoed the positive sentiments hovering in the market, potentially indicating a further rally in the crypto’s price.

Trump’s Crypto Tax Plans And Ripple Lawsuit Boosts Sentiment

Donald Trump has made several promises to the crypto market during his election campaigns. Besides, he also pledged to make America the crypto capital of the world, which has sparked discussions in the market. Now, with his victory in the presidential race last week, rumors have swirled that the Republican administration will eliminate capital gains taxes on cryptocurrencies issued by the US firm.

If Trump’s crypto tax exemption plan comes true, then the investors can make more profits by holding crypto like ADA, XRP, HBAR, and others. Among other XRP news, this rumor appears to have bolstered the market confidence, while also increasing the US appeal to the crypto market. Many other nations like the UK have started moving their crypto plans to counter the soaring US appeal to global investors.

Meanwhile, XRP price today was up 7.83% and exchanged hands at $0.7122, while its trading volume plunged 37% to $6.21 billion. Notably, the crypto has already touched a high of $0.7435, sparking discussions over a further rally. Furthermore, XRP Futures Open Interest rose 2%, CoinGlass data showed while indicating growing market confidence.

Adding to the positive sentiment, another popular crypto market expert EGRAG CRYPTO said that XRP is likely to hit between $1.3 and $1.5 by mid-December. While this range remains the short-term target for Ripple’s native crypto, the analyst also hinted at a possible rally to $6.5 next. Besides, in the Ripple Vs SEC lawsuit, a recent court order was also issued in favor of the firm and CEO Brad Garlinghouse, which has further boosted sentiments.