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XRP’s price has skyrocketed over 24% in the last 24 hours, thanks to SEC Chair Gary Gensler’s not-so-surprising resignation. Gensler announced he would step down on January 20, the same day Trump is set to take office, sparking excitement among XRP fans. After years of battling the SEC, this news has given Ripple a boost. However, XRP is still a long way from its all-time high of $3.84. The big question now is whether XRP can hit new highs in 2024.
XRP Price Action: Current Support and Resistance
According to analyst Josh of Crypto World, XRP is trading between a key support level (the golden pocket) and resistance at the 78.6% Fibonacci level. The support zone ranges between $0.94 and $1. The analyst said that for XRP to continue its bullish trend, it needs to break and confirm a breakout above $1.30. As of the time of writing, XRP is trading at $1.37 and if successful, the next target could be $1.70, and potentially even $2.
Bullish Potential: A 52% Upside
XRP is forming a symmetrical triangle pattern, with resistance at $1.13 and support at $1.10. The price is very close to breaking out of this pattern, which could occur within the next day. If XRP breaks above the resistance at $1.13, the next target would be around $1.40. On the other hand, if it falls below support, we could see a drop towards $0.92 to $0.93. If XRP breaks out to the upside, there’s potential for a major move, with an initial target of $1.34 and a larger target of $1.72, representing a 52% increase.
Conclusion
While the departure of Gensler is seen as a win for the crypto community, the industry remains focused on ensuring clearer regulations and continued advocacy. Reports suggest that Trump is considering pro-crypto candidates to replace Gary Gensler as SEC Chair. However, only time will tell who will ultimately be chosen and how it will impact the future of crypto regulation.