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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.