- Ripple’s XRP has surged 150% to $1.61, fueled by SEC Chairman Gary Gensler’s planned departure, speculation of a crypto-friendly successor, and hopes for a more favorable regulatory and political landscape.
- Analysts predict further growth, with XRP potentially reaching $10 or higher, supported by technical resilience and the possibility of XRP-focused ETFs.
Ripple’s XRP has been on an explosive rally, climbing 150% in the past month to reach $1.61 — its highest price since May 2021. Behind this meteoric rise lies a mix of legal shake-ups, political optimism, and shifting regulatory winds, making XRP the center of attention in the crypto world.
SEC Leadership Shake-Up Brings Hope
A major catalyst for XRP’s rise is the announcement that SEC Chairman Gary Gensler will step down in January 2025. Known for his stringent stance on cryptocurrencies, Gensler’s departure is being celebrated by the crypto community, especially Ripple supporters. Over the years, the SEC’s lawsuit against Ripple has cast a long shadow over XRP’s price, but traders now see light at the end of the tunnel.
Adding fuel to the fire, speculation is growing that Paul Atkins, a crypto-friendly candidate, might take the SEC’s helm. Should this happen, Ripple could see eased regulatory pressures, opening doors for institutional investment and possibly XRP-focused ETFs.
Political Winds Favor Crypto
Hopes for a more crypto-friendly political landscape are also bolstering XRP. With Donald Trump’s potential re-election in 2024, many believe the next administration might introduce policies favoring digital assets. This optimism extends to the broader crypto market, which has been lifted by Bitcoin’s climb toward $100,000. XRP, as one of the top altcoins, is reaping the benefits.
XRP’s Technical Landscape: What’s Next?
Currently trading at $1.4608, XRP has immediate resistance at $1.4677. Analysts suggest that breaking this level could push the price to $1.5948 or even $1.7043. However, if XRP loses momentum, strong support at $1.3839, reinforced by the 50-day EMA, could cushion any downward movement.
The Relative Strength Index (RSI) at 55.12 indicates neutral momentum, giving XRP room to either consolidate or continue its upward trajectory.
Could XRP Reach $10 or More?
Some analysts predict XRP could soar to $10 or even $27 if it maintains support at $1.20. The potential introduction of XRP ETFs could attract institutional investors, further driving its growth.
Key Takeaways
- Resistance Levels: $1.4677, $1.5948, $1.7043.
- Support Levels: $1.3839, $1.3724, $1.2742.
- Momentum: Neutral RSI suggests potential for gradual gains.
XRP’s rally is far from over, with regulatory shifts, political optimism, and technical indicators aligning for a potential breakout. Will it hit the coveted $10 mark? Only time will tell, but the road ahead looks promising for Ripple’s flagship token.