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The price of XRP has skyrocketed since news dropped that Securities and Exchange Commission Chair Gary Gensler would be stepping down from his role in January 2025.
In December 2020, the SEC filed its lawsuit against Ripple, alleging the sale of unregistered security in the form of XRP. A federal judge had since ruled that XRP is "not a security in and of itself," however, it was not yet over as the SEC sought to appeal parts of the court decision.
XRP gained further over the weekend as altcoins boomed as Bitcoin approached the $100,000 milestone. XRP now sits at $1.55, after surging by nearly 31% in the past day.
With the market eyeing a potential climb to $2, XRP is currently navigating through critical price levels that might determine whether it can continue its upward trajectory.
XRP's path to $2
XRP surged above the $1.27 resistance on Nov. 22, and a green close today would be the third day of advances since then.
At the time of writing, XRP was trading at $1.55, having hit intraday highs of $1.62, a level last seen in May 2021. The current market action indicates that XRP is gaining momentum toward $2; technical analysis however suggests the $1.70 level is a major barrier for XRP to cross.
The market is closely watching XRP's next price move, as a successful breakout above key barriers could lead to increased buying pressure and further upward movement, But first, XRP may need to overcome the current hurdle near today's high $1.62.
XRP's journey to $2 might likely be influenced by broader market conditions and investor sentiment. However, the current trend suggests that XRP remains on a promising path, boosted by positive fundamentals. Investors' exposure to XRP has recently expanded in the U.S. Earlier this month, Robinhood listed the token for trading on its platform.
On the other hand, the breakthrough level of $1.27 serves as the initial downside support. A break and close below $1.27 might encourage buyers to take profits. This may accelerate selling pressure and XRP closer to $1.