XRP Price Prediction: XRP Pumps 67% In A Week As Gary Gensler Plans SEC Exit, While Whales Swoop On Pepe Unchained Presale
Release: 2024/11/23 21:54 Reading: 242
The XRP price has surged significantly in the past week, experiencing a 67% increase and a 13% rise in the last 24 hours. As of 08:37 p.m. EST, XRP was trading at $1.58, with trading volume witnessing a 32% surge to $20 billion, according to CoinGecko.
This surge coincides with the announcement made by Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), regarding his resignation from the position on January 20th, 2025. Gensler's departure is believed by many analysts to pave the way for more crypto-friendly regulations under the Trump presidency, as Ripple, the parent company of XRP, has been engaged in a protracted legal battle with the SEC led by Gensler.
XRP's technical indicators signal a sustained bullish trend, showcasing a strong rally over the past two weeks. The price of XRP has consolidated within the $1.0 range but has since broken through due to sustained pressure from bulls, resulting in a parabolic curve pattern, a hallmark of bullish momentum.
The XRP price has risen above both the 50-day Simple Moving Averages (SMAs), further bolstering the bullish sentiment. The Relative Strength Index (RSI) stands at 81.34, indicating overbought territory, suggesting a potential short-term pullback or consolidation.
The Moving Average Convergence Divergence (MACD) also supports the bullish outlook, with the blue MACD line crossing above the orange signal line, signaling a bullish crossover. However, the Stochastic Oscillator 14 3 is at 91.23, deep in the overbought zone, suggesting a short-term correction may be imminent.
Based on the XRP/USDT chart analysis on the 4-hour timeframe, the XRP price is currently on a strong bullish trend, supported by major indicators like RSI, MACD, and the Stochastic Oscillator 14 3. If the rally continues, XRP could target $2 next. Conversely, a pullback may occur due to the overextended RSI and Stochastic Oscillator, potentially leading to a drop to the $1.11 level, coinciding with the 50-day SMA.
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