The U.S. is about to see a cryptocurrency-friendly regulatory environment, bringing new hope to crypto companies like Ripple, which were previously targeted by U.S. regulators. As SEC Chairman Gary Gensler announced he will step down next January, Ripple (XRP) may be incentivized, surging 25% in a single day, with a nearly 150% increase over the past 14 days.
It is worth noting that the total liquidation reached $26.11 million, indicating strong momentum in XRP's short positions, as traders were forced to buy back to cover losses.
XRP Price Prediction: Is a Rise to $2 Feasible?
Since mid-November, XRP has maintained a trading range between $1.04 and $1.17. The formation of a bullish flag pattern within this timeframe suggests that prices may rise.
This bullish flag indicates that the strength of buyers has overcome selling pressure. If XRP continues this upward trend, the momentum pattern suggests a potential breakout above the $1.50 mark, and it may test the $2 threshold.
However, XRP's bullish outlook depends on whether holders are willing to take profits without succumbing to selling pressure that could undermine recent gains. As the situation develops, closely monitoring market trends and trader sentiment will be crucial.
Conclusion
The recent surge in XRP prices reflects a combination of regulatory changes and trader sentiment, which may signal a new chapter for Ripple. With the community anticipating potential market cap growth, careful analysis and monitoring remain essential. If the current trend persists, as long as the buying momentum continues, XRP may be heading towards significant price milestones.
