The cryptocurrency world recently witnessed a significant surge in XRP’s price, skyrocketing over 24% within a mere 24 hours. This boost comes on the heels of the announcement that Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), will be resigning. His decision to step down on January 20, coinciding with the return of Trump to office, has sparked a wave of excitement among XRP enthusiasts. After enduring years of regulatory battles with the SEC, Ripple is experiencing a newfound optimism. However, XRP’s current valuation still lags far behind its all-time high of $3.84, raising the question of whether it can achieve new heights in 2024.
XRP Price Action: Analyzing Current Support and Resistance Levels
According to Josh, a seasoned analyst at Crypto World, XRP is navigating between a critical support level, often referred to as the ‘golden pocket,’ and resistance located at the 78.6% Fibonacci level. The defined support zone ranges from $0.94 to $1. For XRP to maintain its bullish momentum, it is imperative that it breaks through and confirms a breakout above the $1.30 mark. At the time of writing, XRP is trading at $1.37. Should it successfully surpass this threshold, the subsequent target could be $1.70, with the potential to even reach $2.
Exploring Bullish Potential: A Path to 52% Upside
XRP is currently forming a symmetrical triangle pattern, characterized by resistance at $1.13 and support at $1.10. The price is on the verge of breaking out from this pattern, which could happen within the next day. If XRP manages to breach the resistance at $1.13, the next target is anticipated to be around $1.40. Conversely, if it slips below the support level, we might witness a decline towards $0.92 to $0.93. Should XRP break out to the upside, there lies a significant opportunity for a substantial move, with an initial target of $1.34 and a more ambitious goal of $1.72, representing a 52% increase.
Conclusion: The Future of XRP and Crypto Regulation
Gensler’s departure is perceived as a victory for the crypto community, yet the industry remains vigilant in its pursuit of clearer regulations and continued advocacy. Speculation is rife that Trump may consider pro-crypto candidates to replace Gary Gensler as SEC Chair. However, the ultimate choice and its implications for the future of crypto regulation remain uncertain. As the world of cryptocurrency continues to evolve, stakeholders are keenly observing these developments, hopeful for a more favorable regulatory landscape.
