XRP Price Rally to $2 As Paul Atkins Leads to Replace US SEC Chair Gary Gensler

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As a seasoned crypto investor with a decade of experience under my belt, I’ve seen my fair share of market fluctuations and regulatory battles. The recent 25% surge in XRP price following Gary Gensler’s resignation has caught my attention, reminding me of the unpredictable yet exhilarating nature of this space.

In just hours, the cost of XRP skyrocketed by 25%, an increase attributed to the announcement of Gary Gensler’s resignation as US SEC Chair. Reaching a peak of $1.43, this price level has not been seen since the 2021 bull market. Market analysts foresee a potential surge up to $2 due to a significant pattern breakout. The appointment of pro-crypto Paul Atkins as the new SEC Chair could potentially boost XRP’s upward trend even more.

XRP Price Rally to $2 Coming?

After Gary Gensler stepped down as SEC Chair on November 21, supporters of XRP have surged forward, causing a 25% increase in its price. Gensler’s departure from his position will occur on January 20, 2025, the same day when President-elect Donald Trump assumes office at the White House. It appears that the XRP community views Gensler’s resignation favorably, following a challenging four-year legal dispute with Ripple.

crypto market expert Ali Martinez predicts that this upward trend could extend up to the $2 mark. Martinez posits that if Hester Peirce (Gensler’s nickname) departs from the SEC, it might signal a crucial juncture for Ripple, potentially alleviating some regulatory burdens on the company.

According to Martinez, Gary Gensler’s departure from the SEC is seen as a positive development for Ripple. He also suggested that the XRP price might aim for a $2 target due to its recent escape from the flag-and-pole pattern.

As a crypto investor, I’ve taken note that the Monthly Relative Strength Index (RSI) for XRP is almost venturing into overbought territory – a phenomenon not seen in the past three years. Moreover, I’m excited to share that XRP/ETH has successfully reclaimed and tested a significant range it hasn’t touched in four years. My first target for potential gains? A staggering 250% increase from current levels.

Paul Atkins to Replace US SEC Chair Gary Gensler?

Upon Gary Gensler’s departure, a pressing question arises: who will President Trump select as the new SEC Chair? According to reports from Fox Business, it appears that former SEC Commissioner Paul Atkins is the leading candidate poised to take over from Gensler.

Paul Atkins is well-known for his laissez-faire regulatory strategy and his supportive views towards cryptocurrency. He has gained significant backing from both the corporate sector and the digital asset sector. His appointment could potentially pave the way for a spot XRP ETF as early as 2025.

21Shares, Canary Capital, and Bitwise have recently submitted applications to the U.S. Securities and Exchange Commission (SEC) for an Exchange Traded Fund (ETF) based on XRP within the past two months. The introduction of this investment tool may stimulate institutional demand for XRP.

Businesses across the board have expressed favorable sentiments towards Gary Gensler’s choice not to extend his tenure at the Securities and Exchange Commission (SEC), as they have frequently voiced their discontent with his regulatory methods.

Currently (at the time this information was published), the price of XRP is increasing by approximately 26.64% to $1.40, giving it a market capitalization of around $80 billion. According to data from Coinglass, the open interest for XRP has risen by 35%, reaching a total of $2.47 billion. Over the past 24 hours, a combined value of $25.64 million in XRP positions were terminated, with $14 million being short liquidations and $11.62 million being long liquidations.

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2024-11-22 08:46