XRP shows strong technical signals for a potential price surge amid new developments in the crypto space.
Crypto analyst CrediBULL Crypto points to bullish momentum indicators, while reports surface about XRP’s possible role in the Federal Reserve’s FedNow payment system. The developments emerge as SEC Chair Gary Gensler announces his planned departure in January 2025.
Technical Indicators Signal XRP Strength
The XRP/USD monthly Relative Strength Index (RSI) approaches overbought territory for the first time since 2021. CrediBULL Crypto emphasizes this technical pattern’s strength on higher timeframes.
On the USD pairing, $XRP monthly RSI is about to enter overbought territory for the first time in 3 years.This is bullish af.Contrary to popular belief, the higher RSI goes the stronger momentum is and the more bullish a coin is (absent bear divs) and like every other form of… https://t.co/cwOiY28LJv pic.twitter.com/XFoy7i81ZL
— CrediBULL Crypto (@CredibleCrypto) November 22, 2024
The analyst sets price targets at $2 before pushing toward a new all-time high. XRP also displays momentum against Ethereum, breaking and retesting a 4-year range resistance.
Market data suggests a potential 250% upside target on the XRP/ETH trading pair.
At press time, XRP trades at $1.40. The token has surged by 5.78% in the last day and 72.26% over the past week. Moreover, the asset’s volume sits at $18,605,784,852.
Federal Reserve Integration Prospects
A change in institutional acceptance can be seen in the Federal Reserve’s interest in XRP and Stellar (XLM) as blockchain options for the FedNow payment system. This breakthrough is in line with larger initiatives to use blockchain technology to upgrade payment infrastructure.
The FedNow system aims to enable instant payments across the United States. The consideration of XRP showcases growing recognition of blockchain’s role in traditional finance.
Read also: Solana Price Hits New ATH as Whales Accumulate: Can SOL Overtake Tether?
SEC Leadership Change and Regulatory Climate
A possible change in crypto regulation is indicated by Gary Gensler’s declaration that he will leave his position as SEC Chair in January 2025. Gensler oversaw enforcement proceedings against major platforms and kept a strict watch on the crypto markets during his time there.
On January 20, 2025 I will be stepping down as @SECGov Chair.A thread
— Gary Gensler (@GaryGensler) November 21, 2024
His departure opens questions about future regulatory approaches. The SEC’s stance under Gensler influenced market dynamics through enforcement actions and policy decisions affecting crypto exchanges and tokens.
The agency’s regulatory framework shaped crypto market development through multiple enforcement actions and policy statements. Hence, the combination of technical, institutional, and regulatory developments points to a dynamic phase ahead for XRP.
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