1. Gensler's resignation triggers a surge in XRP prices
The resignation news of Gary Gensler, the chairman of the U.S. Securities and Exchange Commission, hit the cryptocurrency market like a bombshell, creating a huge wave. XRP was the first to be impacted, with its price soaring over 24% in the past 24 hours like a rocket. Gensler announced he would resign on January 20, the day of Trump's inauguration, and this news instantly ignited the enthusiasm of XRP fans, putting them into extreme excitement. After all, Ripple has undergone years of arduous struggle with the SEC, and this resignation news undoubtedly injected a dose of adrenaline into Ripple, bringing unprecedented boosts to XRP. However, despite the current price increase, XRP is still quite far from its all-time high of 3.84 USD, which leads the market to speculate: Can XRP achieve glory again in 2024 and break through its historical high, which has become the focal point of everyone's attention?
2. XRP price trend analysis: support and resistance levels
In terms of price trends, Crypto World analyst Josh provided professional insights. Currently, XRP's trading price is in a delicate range between the critical support level (golden pocket) and the resistance level of 78.6% Fibonacci level. Its support area is roughly between 0.94 USD and 1 USD. The analyst pointed out that if XRP intends to continue its bullish trend, it must break through and solidly surpass the key level of 1.30 USD. As of the time of writing, XRP's trading price is 1.37 USD, and if the breakout is successful, its next target price may reach 1.70 USD, and it could even potentially touch the high of 2 USD, the analyst predicts.
3. XRP bullish potential analysis: breakout patterns and targets
From a technical perspective, XRP is forming a symmetrical triangle pattern, with the resistance level set at 1.13 USD and the support level at 1.10 USD. The current price is very close to breaking this pattern, and a significant breakout may occur as soon as the next day. If XRP successfully breaks through the resistance level of 1.13 USD, the next target price will focus around 1.40 USD. Conversely, if the price unfortunately falls below the support level, the market may witness a drop to the range of 0.92 USD to 0.93 USD. If XRP can successfully break upward, its future trajectory will be filled with infinite possibilities, with an initial target set at 1.34 USD and a more ambitious target of 1.72 USD, which means achieving an increase of up to 52%, undoubtedly attracting the attention of many investors.
4. Outlook on future regulations in the cryptocurrency industry
While Gensler's departure is seen as a hard-won victory by the broader cryptocurrency community, the entire industry has not relaxed its vigilance. The core focus of the cryptocurrency industry remains on how to ensure clearer and more defined regulatory frameworks are established, and to continue proactive advocacy efforts. According to reports, Trump is carefully considering nominating a candidate who supports cryptocurrency to replace Gary Gensler as SEC chairman. However, who will ultimately be chosen and how this change will profoundly affect the future direction of cryptocurrency regulation can only be accurately answered by time. The entire cryptocurrency market is watching closely, ready to embrace the forthcoming regulatory changes and market fluctuations.
The information provided in this article is for reference only and does not constitute any type of advice.
