In a surprising turn of events, XRP’s price has soared over 24% in the last 24 hours. This dramatic increase follows the announcement of SEC Chair Gary Gensler’s resignation, an event that has sparked significant excitement among XRP enthusiasts. Gensler is set to step down on January 20, coinciding with the day Donald Trump is expected to assume office. This development marks a pivotal moment for Ripple, which has been engaged in a prolonged battle with the SEC. Despite the recent surge, XRP’s value remains far from its peak of $3.84, leading many to question whether the cryptocurrency can achieve new record highs in 2024.
XRP Price Action: Current Support and Resistance Levels
According to analysis by Josh from Crypto World, XRP is currently navigating a critical trading range, positioned between a significant support level, often referred to as the “golden pocket,” and a resistance level at the 78.6% Fibonacci retracement. The support zone is identified between $0.94 and $1. For XRP to sustain its bullish momentum, it is crucial to surpass and establish a breakout above the $1.30 mark. Presently, XRP is trading at $1.37, and if this upward trajectory continues, the next potential targets could be $1.70 and potentially even $2.
Bullish Potential: A 52% Upside
XRP is currently forming a symmetrical triangle pattern, with resistance at $1.13 and support at $1.10. This pattern suggests an imminent breakout, which could occur within the next day. Should XRP manage to break above the $1.13 resistance, the subsequent target would be approximately $1.40. Conversely, if it dips below the support level, a decline towards $0.92 to $0.93 could materialize. Should XRP successfully break out in a bullish direction, a significant movement could be on the horizon, with an initial target of $1.34 and an extended target of $1.72, indicating a potential 52% increase.
Conclusion: Navigating the Future of Crypto Regulation
The resignation of Gary Gensler is perceived as a victory for the crypto community, yet the broader industry remains vigilant in its pursuit of clearer regulations and ongoing advocacy. Speculation abounds that Trump may consider appointing pro-crypto candidates to succeed Gensler as SEC Chair. However, the final decision will ultimately influence the trajectory of crypto regulation in the United States. As the crypto world eagerly awaits these developments, the focus remains on ensuring a regulatory environment that fosters innovation while safeguarding investor interests.
