SEC Chairman prepares to step down.
This 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.
Since Gary Gensler took office as SEC Chairman, the SEC has taken a tough stance against several cryptocurrency companies, including a years-long legal dispute with Ripple. For this reason, he has been regarded as a major 'opponent' of the cryptocurrency industry.
His resignation not only relieved many investors and cryptocurrency companies plagued by regulatory pressure but also brought hope to tokens significantly affected by the SEC. Experts point out that the most likely beneficiary after Gary Gensler's departure is Ripple's native token, $XRP.
Current status and future trends of XRP price.
According to data from CoinGecko, the price of $XRP has risen by 24.3% in the past 24 hours and nearly 65% in the past week, reaching $1.36 at the time of writing.
Market analyst Armando Pantoja pointed out that from a technical analysis perspective, most of XRP's technical indicators show bullish signals. The MACD indicator shows a strong upward trend, while 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 often a precursor to short-term consolidation or pullbacks; however, Armando Pantoja believes this will not change the long-term bullish trend.
He expects $XRP 's price may consolidate in the short term before breaking through again, with the next breakout point at $1.88. If the key resistance level is successfully breached, Armando Pantoja also provided a very optimistic target price range—$8 to $30, with the potential for a maximum increase of 80 times.
There are still many uncertainties in the long term.
It is worth noting that, despite the potential resignation of the SEC Chairman in the short term suggesting a more lenient cryptocurrency regulatory environment may be on the way, some observers point out that the choice of the new chairman and policy direction remain unclear, leading the market to be possibly optimistic 'too early'.
Additionally, even if Gary Gensler steps down, the legal dispute between Ripple and the SEC will still take time to resolve. Therefore, whether the target of $XRP $80 can be achieved remains a question mark.
