Ripple’s XRP Surges 150%, Hits $1.61 Amid SEC Shake-Up and ETF Optimism
Ripple’s XRP has gone up 150% in the last month, hitting $1.61, its highest since May 2021.
This comes after SEC Chairman Gary Gensler announced he’s leaving January 2025, and everyone is hoping for a more friendly regulatory environment.
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Gensler’s departure is seen as a big deal for Ripple’s ongoing lawsuit with the SEC, which has been a weight on XRP’s price for the last few years. Traders and analysts think his resignation means less aggressive crypto regulations. XRP went up 5% in the 24 hours after the announcement.
And to top it off, there’s speculation that Paul Atkins, a crypto friendly guy, might be the next SEC chair. His leadership would ease regulatory pressure on Ripple and could bring in institutional interest and XRP ETFs.
Trump’s Potential Re-Election and Crypto Optimism
The broader crypto market, including XRP, is going up on hopes of Trump’s re-election. Many are thinking a new administration means a more crypto friendly regulatory environment and that’s more fuel for XRP’s rally.
Analysts think XRP could go to $10 or $27 if it holds $1.20. XRP ETFs also adds to the appeal and could bring in institutional money and more price growth.
Bitcoin going to $100,000 has also lifted the overall market and XRP is one of the top altcoins.
XRP Technical Analysis: Next Key Levels to Watch
Currently trading at $1.4608, XRP is up 3.99% in today’s session. The price is testing immediate resistance at $1.4677. A breakout above this level could push XRP toward its next resistance targets at $1.5948 and $1.7043.
On the downside, the pivot point at $1.3839 provides strong support, reinforced by the 50 EMA at $1.3719. If XRP fails to maintain this level, the price could drop further to test support at $1.3724 and $1.2742.
The Relative Strength Index (RSI) at 55.12 suggests neutral momentum, leaving room for further growth or potential consolidation before the next major move.
Key Insights:
Resistance Levels: $1.4677, $1.5948, $1.7043.
Support Levels: $1.3839, $1.3724, $1.2742.
Momentum Indicator: RSI at 55.12 signals neutral bias, favoring gradual upward movement.
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