SEC Chairman Prepares to Step Down
On Thursday (November 21), SEC Chairman Gary Gensler announced on the SEC's official blog and his personal X (formerly Twitter) that he plans to step down on January 20, 2025, around the time of Trump's inauguration.
Image Source: X Gary Gensler's Tweet
Since taking office as SEC Chairman, Gary Gensler has taken a tough stance against several cryptocurrency companies, including a years-long legal dispute with Ripple, which has led him to be regarded as a major 'opponent' of the cryptocurrency industry.
His resignation not only relieved many investors and crypto companies who have been troubled by regulatory pressure, but also brought hope to tokens significantly affected by the SEC. Experts point out that the most obvious beneficiary after Gary Gensler's resignation is likely to be Ripple's native token $XRP.
Current Status and Future Trends of XRP Price
According to data from CoinGecko, the price of $XRP has increased by 24.3% in the past 24 hours and nearly 65% over the past week, reaching $1.36 at the time of writing.
Image Source: CoinGecko $XRP Price Trend
Market analyst Armando Pantoja points out that, from a technical analysis perspective, most of XRP's technical indicators show bullish signals. The MACD indicator indicates a strong upward trend, and the 50-day and 200-day moving averages provide strong support at $0.57 and $0.62, respectively.
It is worth noting that XRP's RSI indicator has reached 81.08, entering the overbought zone. Historical data shows that this is usually a precursor to short-term consolidation or correction; however, Armando Pantoja believes this does not change the long-term bullish trend.
He expects that the price of $XRP may break through again after a consolidation period in the short term, with the next breakout point being $1.88. If the key resistance level is successfully broken, Armando Pantoja also provides a very optimistic target price range of $8 to $30, potentially achieving an increase of up to 80 times.
Long-term uncertainties remain
It should be noted that although the departure of the SEC chairman in the short term may suggest that a more lenient regulatory environment for cryptocurrencies is on the horizon, some observers point out that the selection of the new chairman and policy direction are still unclear, making the market potentially overly optimistic 'too early'.
Moreover, even if Gary Gensler steps down, the legal disputes between Ripple and the SEC will still take time to resolve, so whether the $80 target for $XRP can be achieved remains uncertain.
[Disclaimer] The market is risky, and investment should be cautious. Analyst opinions are for reference only; users should consider more diverse indicators to determine whether to invest, and consider whether any opinions, viewpoints, or conclusions in this article align with their specific situation. Invest at your own risk.
'Will an 80-fold increase occur? Analysts are optimistic about 'this coin': Expected to soar to $80 after the SEC chairman steps down.' This article was first published on 'Crypto City.'
