As a seasoned researcher with over two decades of experience in the financial markets, I have seen my fair share of market dynamics and trends. The recent surge in XRP price, following Bitcoin’s all-time high, is a testament to the interconnectedness of the cryptocurrency market. However, the speculation surrounding President Trump’s potential dismissal of SEC Chair Gary Gensler and its impact on XRP’s price has piqued my interest.
The cost of XRP climbed by 2.8% in the recent period, fueled by a broader market uptrend triggered by Bitcoin reaching an unprecedented high of $76,000. Concurrently, well-known crypto personality BitBoy posits that XRP’s price might skyrocket if President-elect Donald Trump decides to dismiss current SEC Chair Gary Gensler.
Will XRP Price Pump If Trump Fires Gensler
The latest Trump win could potentially bring further implications for Ripple, as numerous cryptocurrency analysts, influential personalities, and a significant sector of the cryptocurrency community are advocating for President Trump to replace Gary Gensler.
Popular crypto YouTuber and commentator Ben ‘BitBoy’ Armstrong has said that XRP might be among the top 100 coins that pump the hardest. In an earlier interview, BitBoy said all meme coin money will flow into XRP in the next cycle, suggesting that this is the best asset.
On November 6th, the CEO of Ripple expressed his congratulations to President Trump on his election victory through X-platform and suggested an immediate dismissal of Gensler. He proposed this action on Trump’s first day in office without delay. As potential replacements for Gensler, he suggested Christopher Giancarlo, Daniel Gallagher, or Brian Brooks.
.@realDonaldTrump, Congratulations!
Some fodder for your first 100-day checklist to get things moving:
– Fire Gensler. Day 1, no delays.
– In his place, appoint Giancarlo, Brooks, or Gallagher – they’d be massive upgrades in rebuilding the rule of law (and reputation) at the…— Brad Garlinghouse (@bgarlinghouse) November 6, 2024
Instead, it appears that Mark Uyeda might take over from Gary Gensler as SEC chair, contrary to previous assumptions which favored Hester Peirce, who joined the SEC in 2018 under President Trump’s administration.
The price of XRP hovered around $0.5515 during New York pre-market hours after gaining 6% in the past week.
How High Could XRP Price Go If Gary Gensler Is Dismissed?
In the wake of Donald Trump’s election win, XRP experienced a surge to $0.5739 – its highest point in a month – while Bitcoin hit an all-time high above $76,400. This upward trend in the crypto market sparked a positive sentiment overall.
The price of XRP struggled to hold above the $0.55 mark and has since dropped to its present value. Yet, the Average Directional Index (ADX) stands at 29.61, indicating that volatility continues to climb. The Relative Strength Index (RSI), while close to the overbought zone at 65.72, still has some wiggle room and could potentially offer the push necessary to propel XRP beyond the resistance level.
Should the cost of XRP surpass the $0.55 barrier and rise significantly, it might initiate a brief surge towards $0.66. This level represents a substantial resistance over several months that may require effort to overcome. Nevertheless, if XRP manages to exceed $0.66, it could potentially reach heights of $0.94 or even $1.00 in the near future.
Should the price drop below $0.5, it would call into question the current optimistic outlook for Ripple. While Ripple has encountered regulatory hurdles in the past, its clarity on these matters has been improving. However, compared to competitors like Solana (SOL) and Binance Coin (BNB), Ripple’s market performance is currently trailing behind.
A number of critics question whether Gensler’s departure will lead to the substantial increases in XRP value that some, like BitBoy, have anticipated. Nonetheless, the community continues to be optimistic about the possible influence of Gensler’s resignation on XRP’s future price movement.
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2024-11-07 19:56