In recent market movements, Ripple’s XRP has experienced a notable decline, dropping over five percent within the last 24 hours, yet it maintains a position above the $1.50 mark. Despite this short-term drop, XRP has seen a remarkable increase of more than 40 percent over the past week, as it aims to break through the $1.70 threshold.
Impact of SEC Chairman’s Announcement on XRP
The recent surge in XRP’s price can be attributed to the announcement by SEC Chairman Gary Gensler regarding his resignation effective January 20, 2025, a date coinciding with the anticipated inauguration of Donald Trump as the 47th President of the United States. This announcement has stirred market optimism, contributing to the cryptocurrency’s upward momentum.
Technical Analysis: Fibonacci Levels and Price Targets
XRP’s price has recently surpassed the 78.6% Fibonacci retracement level, positioning itself around the $1.30 mark. This breakthrough prompted expectations of a further rise towards the $1.60 to $1.70 range. Analyst Josh of Crypto World provides a comprehensive analysis of XRP’s price trajectory:
Short-Term Outlook
XRP’s bullish momentum persists as it aims for a target price of $1.72, emerging from the flagpole pattern. The initial target of $1.34 has been achieved, and the focus now shifts to reaching $1.72, slightly surpassing recent peaks. The path from $1.30 to $1.72 embodies a short-term objective; however, XRP may encounter resistance within this range as previously noted in the weekly analysis.
Price Action and Future Targets
Monitoring the levels above $1.30 is crucial, as surpassing this range could trigger a surge towards the $2 mark. Historically, this price zone has served as a formidable resistance point, and breaking through it would amplify the bullish sentiment significantly. Favorable legal outcomes or regulatory clarity related to the ongoing SEC case could further enhance investor confidence and drive increased demand for XRP.
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