As an experienced crypto investor who has weathered numerous market cycles since the early days of Bitcoin, I must admit that the recent surge in XRP‘s price has piqued my interest. Having missed out on the massive gains during the 2017 bull run due to my skepticism towards altcoins, I find myself drawn to this resurgence of XRP.
TL;DR
- XRP surged by double digits in the past week, with analysts predicting additional gains of up to $8.
- Rumors of SEC Chair Gary Gensler’s replacement with a new pro-crypto leader could aid Ripple’s legal issues, driving XRP’s growth further.
The Potential Journey to a New ATH
Ripple’s XRP didn’t participate in the significant surge of the cryptocurrency market after Donald Trump won the U.S. presidency. However, over the past week, it has mirrored this trend and even surpassed all of the top 20 digital assets. At the moment, each XRP is being traded at approximately $1.13, according to CoinGecko’s data. This represents a significant 67% rise in just seven days.
The revival sparked immense excitement throughout the XRP community, as numerous analysts foresee more growth in the coming period.
User Mikybull Crypto expresses optimism that the rally for the asset is still forthcoming. This investor anticipates that XRP could witness a significant surge in value if the influence of Bitcoin (BTC) over the market decreases. At present, the leading cryptocurrency controls approximately 60% of the entire crypto market share. Its dominance has been increasing since late 2022, and it remains to be seen whether there will be a period known as “altcoin season” that could potentially reverse this trend.
Javon Marks anticipates a “bullish surge” which might elevate the value of XRP beyond $3, whereas Crypto Ceaser holds an even more positive outlook.
The second party believes that the price might temporarily decrease slightly, but then it could embark on a path towards nearly reaching an all-time high of around $8 in the future.
Crypto Tony chipped in, too. He described a potential consolidation and retreat to $0.92 as “a gift.” “Would love to see that and then a hold on the daily closure. I remain long from 0.66c as shared,” the trader added.
Waiting for Gensler’s Possible Resignation
A potential cause that could lead to an extra price surge in Ripple’s native token might stem from a shift at the helm of the United States Securities and Exchange Commission (SEC). Over the past year, this organization has been under the leadership of Gary Gensler, who is renowned for his critical views on cryptocurrencies. Under his administration, the SEC has brought numerous lawsuits against crypto-related businesses, with Ripple being one of them.
Based on observations from various market analysts, it seems that Gensler’s tenure as head may be coming to an end. This is because Trump had pledged to dismiss him on his first day in office. Interestingly, the previous chairs of this regulatory body, Mary Jo White and Jay Clayton, both stepped down shortly after the presidential elections in 2016 and 2020. This pattern suggests that Gensler might be preparing to step down from his position as well.
The upcoming Chair is predicted to lean towards cryptocurrencies. This potential change might expedite the resolution of the Ripple vs. SEC lawsuit (and similar ones), which could have a favorable impact on XRP and the broader market.
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2024-11-20 20:46