Introduction to XRP’s Price Movement
In the past 24 hours, XRP’s price has experienced a remarkable surge of over 24%, a development attributed to the resignation of SEC Chair Gary Gensler. Announcing his decision to step down on January 20, coinciding with Trump’s expected assumption of office, Gensler’s resignation has stirred excitement among XRP supporters. This development comes after prolonged legal disputes with the SEC, offering a boost to Ripple. Despite this positive momentum, XRP remains distant from its all-time high of $3.84. The pressing question on investors’ minds is whether XRP can achieve new peaks in 2024.
XRP Price Action: Current Support and Resistance Levels
According to Josh, an analyst from Crypto World, XRP is navigating between a critical support level termed the ‘golden pocket’ and resistance set at the 78.6% Fibonacci level. The support zone is identified between $0.94 and $1. For XRP to maintain its upward trajectory, it needs to surpass and sustain a position above $1.30. At present, XRP is valued at $1.37, and if it successfully breaks past this threshold, the next targets are projected to be $1.70 and potentially $2.
Exploring XRP’s Bullish Potential: A 52% Upside
XRP is currently forming a symmetrical triangle pattern, with resistance positioned at $1.13 and support at $1.10. The price is teetering close to a breakout from this pattern, potentially happening within the next day. Should XRP surpass the $1.13 resistance, the subsequent target could be around $1.40. Conversely, a dip below support might lead to a decline towards $0.92 to $0.93. A successful breakout to the upside could trigger a significant movement, with an initial target of $1.34 and a broader target of $1.72, representing a potential 52% increase.
Conclusion: The Future of XRP Amidst Regulatory Changes
While Gensler’s departure is perceived as a victory for the crypto community, the industry remains vigilant in advocating for clearer regulations. Reports indicate that Trump is considering appointing pro-crypto candidates to succeed Gary Gensler as SEC Chair. However, the ultimate selection and its implications for future crypto regulation remain to be seen. The ongoing evolution in regulatory landscapes will play a crucial role in shaping the future of XRP and the broader crypto market.
