The United States is about to have a cryptocurrency-friendly regulatory environment, bringing new hope to cryptocurrency companies such as Ripple that were previously targeted by U.S. regulators. When SEC Chairman Gary Gensler announced that he would resign in January next year, Ripple (XRP) may be encouraged to surge 25% in a single day. The increase in the past 14 days has exceeded 150%.
Notably, liquidations totaled $26.11 million, indicating strong momentum in XRP’s short positions as traders were forced to buy back to cover their losses.
XRP Price Prediction: Is a Rise to $2 Possible?
XRP has remained in a trading range of $1.04 to $1.17 since mid-November. The formation of a bull flag pattern in this timeframe suggests that rising prices are likely.
This bullish flag indicates that the strength of buyers has overcome the selling pressure. If XRP continues this uptrend, the momentum pattern suggests that a breakout above the $1.50 mark is likely and a test of the $2 threshold is possible.
However, XRP’s bullish outlook depends on holders’ willingness to take profits without succumbing to selling pressure that could derail recent gains. Keeping a close eye on market trends and trader sentiment will be crucial as the situation develops.
in conclusion
The recent surge in XRP prices reflects a combination of regulatory changes and trader sentiment, which could herald the beginning of a new chapter for Ripple. As the community anticipates potential market cap growth, careful analysis and monitoring remain critical. If the current trend remains intact, XRP could be on its way to a major price milestone as long as buying momentum continues unabated.
