As a seasoned crypto investor with a keen eye for market trends and a knack for predicting the next big move, I find myself intrigued by XRP‘s recent surge above $0.80. Having witnessed the crypto market’s rollercoaster ride since Trump’s victory in 2023, I can say that this bull run has been nothing short of exhilarating.
TL;DR
- XRP rose above $0.80, driven by expectations of regulatory changes at the helm of the US SEC.
- While analysts predict further gains for the asset, the RSI index suggests a short-term correction could be on the horizon.
Turning Into a Top Performer
Despite a recent dip over the past 24 hours, the cryptocurrency market has been flourishing ever since Donald Trump won the US presidential elections on November 5. Initially, Ripple‘s XRP trailed behind other leading assets in terms of growth. However, it now leads as the top performer among the top 20 cryptocurrencies today.
Just a short while ago, XRP’s value spiked to approximately $0.83 – a level last seen during the summer of 2023. As per CoinGecko’s latest data, it is currently trading around $0.80, which equates to a 14% jump in its daily price.
It seems that the primary cause for the surge might be the growing expectation that Gary Gensler, the Chair of the U.S. Securities and Exchange Commission, may be stepping down soon.
During his time as head, the agency has consistently sued numerous cryptocurrency businesses, and there’s a desire for a change in strategy from the incoming leader. Regardless, it appears that Gensler’s tenure at the Commission may be coming to an end, given Trump’s promise to dismiss him upon taking office.
Based on opinions from various market analysts, XRP looks set to achieve even greater increases in the coming days. User Mikybull Crypto asserted that the value of this asset recently broke free from its three-year slump, implying a significant surge could be imminent.
Javon Marks also contributed his thoughts. As a strategic analyst, he forecasted a significant surge, potentially reaching three digits at around $3.30, considering XRP’s historical trends.
A different analyst, Cryptoinsightuk, has also shared optimistic predictions. This analyst believes that XRP could follow in the footsteps of DOGE‘s strong growth and potentially reach values greater than $1.
I honestly feel a significant drop at $0.66, followed by a rise to approximately $1.28, where resistance may be encountered.
Possible Pullback on the Way?
Although there’s a general sense of positivity within the industry, the XRP Relative Strength Index (RSI), which tracks the rate and direction of price fluctuations between 0 and 100, seems to indicate an upcoming adjustment or correction may be on the horizon.
Ratios greater than 70 indicate that the asset is overbought and could potentially decline in the near future, while levels less than 30 are seen as a chance for investment.
Currently, the RSI is set at approximately 71.
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2024-11-15 13:37