After SEC chairman Gary Gensler's resignation, the XRP price surged 26% to $1.40, with analysts predicting that this price will reach an all-time high.
With Gary Gensler announcing his resignation as SEC chairman, the XRP price surged 25% within hours. Ripple's native token XRP hit a high of $1.43, the last level seen during the 2021 bull market. Cryptocurrency market analysts predict that the rally will continue until it reaches $2 after a bullish pattern breakout, and the news of cryptocurrency supporter Paul Atkins replacing Gensler as SEC chairman could further boost XRP's momentum.
Is the XRP price about to rise to $2?
Following Gary Gensler's resignation as SEC chairman on Thursday, November 21, XRP bulls rushed in, causing the price to rise again by 25%. Gensler's last day in office will be January 20, 2025, the same day Donald Trump is set to take office as president. Clearly, after a grueling four-year legal battle over the Ripple lawsuit, the XRP community views Gensler's resignation positively.
Cryptocurrency market analyst Ali Martinez believes that this surge will continue until it reaches $2. Martinez stated that Gensler's departure from the SEC will mark a significant turning point for Ripple, potentially alleviating the company's regulatory pressure.
Martinez stated, "Gary Gensler leaving the SEC is the best thing that could happen for Ripple." He further added that with the new breakout of the flag pattern, Ripple's price can now target $2.
Cryptocurrency analyst CrediBULL Crypto emphasizes that XRP's monthly Relative Strength Index (RSI) is about to enter the overbought territory for the first time in three years. "XRP/ETH has just reclaimed and retested a 4-year-long range, with the first target being an increase of about 250%,” he added.
Will Paul Atkins replace Gary Gensler as chairman of the U.S. Securities and Exchange Commission?
With Gary Gensler's resignation, the biggest question on everyone's mind is who Donald Trump will appoint as the next SEC chairman? Fox Business reports that former SEC commissioner Paul Atkins is a leading candidate to succeed Gary Gensler.
Paul Atkins is widely popular for his free-market regulatory approach and support for cryptocurrencies. He has also received strong backing from the business community and the digital asset industry. His appointment could also open the door for a 2025 XRP spot ETF.
21shares, Canary Capital, and Bitwise have submitted XRP ETF applications to the U.S. Securities and Exchange Commission in the past two months. The launch of this investment product could spark institutional interest in XRP.
Gary Gensler's decision not to complete his term at the SEC has been widely recognized by the business community, although they have consistently criticized his regulatory approach.
As of the time of writing, the XRP price has risen by 26.64% to $1.40, with a market cap of $80 billion. According to Coinglass data, XRP's open contracts have surged by 35% to $2.47 billion. In the past 24 hours, $25.64 million worth of XRP positions were liquidated, including $14 million from shorts and $11.62 million from longs.
