XRP Surges 25% to $1.43 as SEC Chair Resigns: Will It Hit $2 Soon?

 XRP/USD has gone up 25% in the last 24 hours to $1.43 – its highest since May 2021.

The rally was triggered by the news that SEC Chairman Gary Gensler is resigning in January 2025. Gensler’s departure could be a turning point in Ripple’s lawsuit with the SEC which has been a major factor in XRP’s price since 2020.

Ripple’s problems with the SEC started when the agency accused it of raising $1.3 billion through the unregistered sale of XRP. The lawsuit led to XRP being delisted from exchanges and the price dropped to $0.50.

But Ripple got a win in 2023 when a court ruled that XRP sales on exchanges were not securities. With Gensler stepping down, everyone is speculating that the SEC might drop the appeal or settle with Ripple and that would remove the regulatory overhang that has been weighing on the token.

This comes as the broader crypto market is rallying as Bitcoin approaches $100K. New admin could be good for digital assets.

Key Points Driving XRP’s Price Surge

• SEC Chairman Resignation: Gary Gensler’s exit is fueling speculation of regulatory relief for Ripple.

• Legal Challenges: Ripple’s partial legal victory in 2023 may gain further traction with potential SEC changes.

• Broader Market Rally: Bitcoin nearing $100K has lifted sentiment across the crypto space, benefitting XRP.

Bullish Momentum: Could XRP Hit $2?

XRP’s rally is supported by growing speculation about the launch of exchange-traded funds (ETFs) tied to the token. Applications for spot XRP ETFs have been filed by 21Shares, Canary Capital, and Bitwise, potentially driving significant institutional interest. Analysts suggest that approval of these ETFs could serve as a major catalyst for further price gains.

Currently trading at $1.43, XRP has risen more than 150% in the past 30 days, up from its long-term average of $0.50. Market optimism is further bolstered by rumors that Paul Atkins, a pro-crypto former SEC commissioner, may succeed Gensler. Atkins is expected to advocate for a more supportive regulatory framework for digital assets, potentially easing Ripple’s legal challenges.

Despite the bullish sentiment, XRP’s rapid ascent has brought it into overbought territory. The Relative Strength Index (RSI) currently stands at 73.96, signaling a potential short-term pullback. Key resistance levels to watch include $1.50, with further upside targets at $1.55 and $1.61. Immediate support is found at $1.40, with stronger levels at $1.34 and $1.29.

Key Technical Insights

• Immediate Resistance: $1.50; a breakout could drive XRP to $1.55 and $1.61.

• Immediate Support: $1.40; additional supports at $1.34 and $1.29.

• RSI at 73: Overbought conditions suggest a possible short-term pullback.