Gary Gensler’s potential resignation as SEC chair has sparked optimism about XRP price performance within the crypto community. The asset outperformed the market over the last 24 hours, surging 15.9% to a $0.8386 daily high before retracing and stabilizing at its current price of $0.7978.
The SEC, headed by Gary Gensler was in the process of appealing the latest ruling by Judge Analisa Torres before Donald Trump won the presidential elections. The crypto community expects the lawsuit to end as soon as Gensler resigns, with unprecedented upside implications to XRP price. Will XRP surge to $2.4 if Gensler confirms resignation?
Market Sentiment: What Gensler’s Exit Could Mean for XRP Price
On November 14, the active Chair of the U.S Securities and Exchanges Commission (SEC) defended his stance on crypto regulation. It strongly hinted he would leave the agency soon in his speech at the Practicing Law Institute’s 56th annual conference on securities regulation.
The triumphant victory of Donald Trump in the Nov.5 U.S. elections sent a virtual signal to Gensler that his day in office was numbered.
‘Let me say it again. On day one, I will fire Gary Gensler.’
— Donald Trump in July
Gensler’s exit from the financial regulation scene means crypto assets like XRP get to breathe and thrive. Gensler has been an industry foe, notorious for holding back the growth of the blockchain industry through endless lawsuits.
The price of XRP broke out of a multi-year symmetrical triangle consolidation, hinting at a wild rally ahead that could set it above $2 potentially before the end of the year 2024.
Can Ripple Price Triple? Key Resistance Levels to Watch
XRP price chart shows a symmetrical triangle pattern that XRP has been consolidating within since early 2021. The recent long-awaited breakout from this triangle signals a potential trend reversal towards a strong bullish movement.
The large breakout candle is also a bullish signal indicating strong buying interest and momentum. This is a positive indicator for continued upward movement.
Data from Coingecko shows XRP trading volume spiked 104% in the last 24 hours. High volume accompanying a breakout adds validity to the upward breakout. Sustained volume levels are essential to confirm the strength of the bullish trend toward $2.4.
The main resistance levels for XRP price are at $1.00 (psychological resistance) and $1.96, which was the peak from April 2021. Conversely, Ripple could find support around around $0.65 (near the upper boundary of the triangle) and $0.50 (lower end of the prior consolidation zone).
Ripple has been entangled with the U.S SEC in court for about 4 years now. The first lawsuit was filed on December 20, 2020 and the two entities have been at it since then. So far Ripple Labs has scored two major wins against the SEC in the course of the lawsuit:
- The ruling by Judge Analisa Torres that XRP is not a security
- The ruling by the same judge ordering Ripple to pay the SEC $125 million instead of proposed $2 billion.
Gensler resigning would be last and final blow that delivers permanent victory to Ripple and XRP.
Frequently Asked Questions (FAQs)
The surge was fueled by speculation that SEC Chair Gary Gensler might resign soon, raising hopes for a positive shift in regulatory pressure on Ripple and XRP.
Yes, Gensler’s resignation could boost XRP, as he has been viewed as a key opponent of the crypto industry. His exit may ease regulatory scrutiny, potentially allowing XRP to rally higher.
Analysts suggest that XRP could reach $2.4 if the bullish momentum persists, especially after breaking out from a long-term symmetrical triangle pattern.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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