Here’s How Gensler’s Resignation May Impact XRP Price

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As a seasoned researcher with a keen interest in the cryptocurrency market, I’ve witnessed the ebb and flow of various digital assets over the years. The recent surge in XRP price following potential speculation about Gary Gensler’s resignation as SEC chair has caught my attention.

The prospect of Gary Gensler stepping down as SEC chair has ignited hope in the crypto community regarding XRP’s market performance. Over the past day, this asset has outperformed the overall market, experiencing a 15.9% increase that peaked at $0.8386 before leveling off and now holding steady at $0.7978.

Prior to Donald Trump’s presidency, the Securities and Exchange Commission (SEC), led by Gary Gensler, was in the midst of contesting Judge Analisa Torres’ recent decision. The crypto community anticipates that the lawsuit will conclude once Gensler steps down from his position, which could potentially lead to significant price increases for XRP, perhaps reaching $2.4 if he indeed confirms his resignation.

Market Sentiment: What Gensler’s Exit Could Mean for XRP Price

On November 14, the current head of the U.S Securities and Exchanges Commission (SEC) reaffirmed his position on cryptocurrency regulations. His speech at the Practicing Law Institute’s 56th annual conference on securities law suggested that he might be preparing to depart from the agency in the near future.

The election victory of Donald Trump on November 5th in the United States implied to Gensler that his time in office might be coming to an end.

‘Let me say it again. On day one, I will fire Gary Gensler.’

—  Donald Trump in July

With Gensler stepping away from financial regulations, it opens up a new era for cryptocurrencies such as XRP to flourish more freely. Known for his skepticism towards the crypto and blockchain space, Gensler’s tenure was marked by numerous legal challenges that stifled the industry’s growth.

In simpler terms, the cost of XRP has burst free from a long-term symmetrical triangle pattern in its price movements, suggesting a possible dramatic surge in value. This surge might propel XRP’s price to over $2 by the year 2024.

Can Ripple Price Triple? Key Resistance Levels to Watch

The graph demonstrates a balanced, triangle-shaped structure in which XRP has been contained since the start of 2021, indicating consolidation. The latest escape from this triangle suggests a possible shift in direction toward a robust upward trend.

A significantly sized candlestick that opens at a lower price and closes at a higher one, symbolizes robust buying activity and market momentum. This pattern is considered optimistic, suggesting potential further growth in the market.

According to data from Coingecko, the trading volume of XRP increased by 104% within the past 24 hours. Such a high trading volume during a price surge lends credibility to the upward trend. Maintaining significant trading volumes is crucial for validating the robustness of the bullish momentum towards reaching $2.4.

For XRP price, significant resistance can be found at $1.00 (a psychological barrier) and $1.96, which marked the highest point from April 2021. On the other hand, potential support could emerge near $0.65 (near the top of the triangle pattern) and around $0.50 (the lower limit of the previous consolidation area).

As an analyst, I’ve been closely following the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) for approximately four years now. The initial lawsuit was instigated on December 20, 2020, and since then, these two parties have been locked in a protracted dispute. Notably, throughout this legal saga, Ripple Labs has managed to secure two significant victories over the SEC.

  1. The ruling by Judge Analisa Torres that XRP is not a security
  2. The ruling by the same judge ordering Ripple to pay the SEC $125 million instead of proposed $2 billion.

Gensler resigning would be last and final blow that delivers permanent victory to Ripple and XRP.

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2024-11-15 11:35