XRP has surged more than 24% in the past 24 hours, helped by the not-so-surprising resignation of SEC Chairman Gary Gensler. Gensler announced that he would be stepping down on January 20, the same day Trump was set to take office, sparking excitement among XRP enthusiasts. After years of battling the SEC, the news has given Ripple a boost. However, XRP is still far from its all-time high of $3.84. The big question now is whether XRP can reach new highs by 2024.
XRP Price Action: Current Support and Resistance
According to Crypto World analyst Josh, XRP is trading between a major support level (the golden pocket) and resistance at the 78.6% Fibonacci level. The support zone ranges between $0.94 and $1. The analyst said that for XRP to continue its bullish trend, it needs to break and confirm a breakout above $1.30. As of press time, XRP is trading at $1.37 and if successful, the next target could be $1.70 and potentially even $2, according to the analyst.
Upside Potential: 52% Upside
XRP is forming a symmetrical triangle pattern, with resistance at $1.13 and support at $1.10. The price is very close to breaking out of this pattern, which could happen in the next day. If XRP breaks above the resistance at $1.13, the next target would be around $1.40. On the other hand, if it breaks below the support, we could see the price drop to $0.92 to $0.93. If XRP breaks to the upside, a large move is likely, with an initial target of $1.34 and a larger target of $1.72, representing a 52% gain.
Conclusion
While Gensler’s departure is seen as a victory for the crypto community, the industry remains focused on ensuring clearer regulations and continues to advocate. Reports suggest that Trump is considering pro-crypto candidates to replace Gary Gensler as SEC Chairman. However, only time will tell who will be selected and how it will impact the future of crypto regulation.
