XRP recently climbed to $1.04, reflecting a 15% increase within just 24 hours. This marks an impressive 75% rally over the past week, accompanied by a trading volume of $15 billion. The surge is largely driven by speculation surrounding SEC Chair Gary Gensler’s potential resignation and Ripple’s ongoing legal progress.
SEC Chair Hints at Resignation
In a surprising turn of events, Gary Gensler, widely known for his tough stance on cryptocurrency, hinted at the possibility of stepping down. During a speech reflecting on his leadership, his remarks fueled optimism about the SEC adopting a more crypto-friendly approach in the future.
Meanwhile, Ripple has achieved a partial legal victory. A U.S. judge recently paused specific claims in its case with the SEC, suggesting progress toward a favorable outcome. If Gensler does step down, this could lead to the SEC abandoning its appeal, further strengthening Ripple’s position.
Support from the Trump Administration
Adding to the positive momentum, the incoming Trump administration has expressed its commitment to fostering cryptocurrency innovation. Its support for regulatory clarity and crypto ETF approvals may create significant opportunities for XRP’s long-term growth.
Whale Accumulation Drives XRP Momentum
The involvement of large XRP holders, commonly referred to as whale and shark wallets, has been instrumental in sustaining the bullish trend. These wallets collectively hold 45.61 billion XRP, the highest level of accumulation since June 2018.
Over the past two years, their holdings have grown by 3.44 billion XRP—an 8.16% increase. This accumulation highlights the strong confidence these investors have in XRP’s future.
In just the past week, XRP has delivered a remarkable 40% return. Influential analysts, including @MikybullCrypto, foresee even greater rallies, predicting new all-time highs by March 2025.
XRP Price Prediction: Breaking $1
XRP has recently broken out of a multi-month symmetrical triangle on the weekly chart. This breakout helped the cryptocurrency surpass its $0.6250 resistance level, marking a critical psychological milestone.
Key Targets and Support Levels
Following this breakout, XRP has set sights on reaching $1.16, $1.41, and $1.69, guided by Fibonacci extension levels. Immediate support stands at $0.95, while stronger zones at $0.74 and $0.62 provide protection against potential pullbacks.
Technical Indicators Signal Strength
Notably, the RSI has climbed to 76.37, signaling increased buying pressure. However, caution is necessary as overbought conditions could lead to temporary corrections. Additionally, the 50-day EMA at $0.6250 has transitioned into solid support, further reinforcing the bullish scenario.
Conclusion: XRP’s Path Forward
XRP’s recent surge above $1 reflects a blend of technical and fundamental drivers. Speculation surrounding Gensler’s resignation and Ripple’s legal progress has significantly boosted market confidence.
Moreover, whale accumulation reinforces XRP’s appeal as a long-term investment. With resistance at $1.16 and $1.41 within reach, XRP appears well-positioned for further gains. Nevertheless, traders should monitor the market closely for signs of overbought conditions.
Crypto All-Stars Gains Momentum
As XRP gains traction, projects like Crypto All-Stars are reaping the benefits of a bullish market. The platform has successfully raised $3.96 million in its presale, nearing its $3.98 million goal. With staking rewards of up to 429%, it highlights the growing potential of blockchain innovation.
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