Rumors of Gary Gensler stepping down as Chair of the U.S. Securities and Exchanges Commission (SEC) are igniting optimism in the crypto industry especially for the XRP.
Gensler has long been seen as a barrier to XRP’s growth due to the SEC’s legal challenges against Ripple. If he steps down, it could ease regulatory pressures and remove a major obstacle that has held XRP back.
Gensler’s Exit: A Game Changer for Ripple XRP
After his speech at PLI’s 56th Annual Institute on Securities Regulation, the speculation of his departure arose, which led to massive breakout in the XRP price. This shift is already fueling the current rally, with traders preparing for significant upward movement.
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At press time, the price for Ripple’s XRP token stands at $1.12 with a surge of 1.92% in the last 24 hours.
Technical Patterns and Key Levels
XRP is displaying strong bullish indicators, including a symmetrical triangle pattern and a recent MACD crossover, which indicates a potential upward momentum. Trading volume has also surged, suggesting that the institutional investors are showing interest and are also getting involved with XRP.
The first major breakout points for Ripple’s XRP are $1.33 and $1.88. Once it clears $1.88, analysts predicts a straightforward path to its all-time high (ATH) of $3.84. Beyond this, price targets in the range of $8 to $20 are becoming increasingly realistic. In a similar setup in the past, XRP moved from pennies to $3 rapidly.
With all these factors, the technical patterns, institutional interest, easing regulatory concerns, XRP is ready for a major run. A surge to $8-$20 seems increasingly likely, creating an exciting opportunity for investors. As market conditions align, XRP could be on the verge of on of its most significant price rise yet.
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