Ripple (XRP) price surged to its highest level since July 2023 following rumors that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could resign soon, ensuring the altcoin was the biggest gainer among the top 10 cryptos on Thursday (14).
But there were other reasons for XRP’s surge. This on-chain analysis reveals everything you need to know about the development.
Gensler's speech sends Ripple soaring
On Thursday (14), while XRP was trading around $0.69, a statement from SEC Chairman Gary Gensler attracted market attention, particularly his comments on crypto.
In his speech, Gensler reiterated that the SEC’s actions against Coinbase, Ripple and Binance were aimed at protecting investors. However, his closing words — thanking his colleagues for their cooperation — sparked speculation that he could be preparing to submit his resignation soon.
It has been a great honor to serve with them, doing the work of the people and ensuring that our capital markets remain the best in the world, Gensler said.
Gensler’s term is officially set to end in June 2025. Still, rumors of an early departure are not surprising, especially considering newly elected President Donald Trump’s vow to remove him due to his anti-crypto stance.
Additionally, the statement resonated strongly with XRP holders, who have been bearing the brunt of the Ripple vs. Bitcoin case. SEC since 2020. In response, the price of XRP soared to $0.80 — a level it had last reached in July 2023, when judge Analisa Torres ruled the token was not a security.
In addition to legal developments, XRP’s rally to $0.80 was also driven by significant whale accumulation. According to Santiment, crypto whales have accumulated approximately 3.44 billion tokens over the past two years. This also means that wallets holding at least 1 million XRP hold the most tokens over the past 65 months.
Ripple Whale Balance. Source: Santiment
At the current price, this amounts to $2.75 billion, reflecting substantial buying pressure that has contributed to the altcoin’s upward momentum. If this continues, then the price of XRP could rise much higher than $0.80. But can it?
XRP Price Prediction: Higher Highs
The surge in XRP’s price means that the token is now up 45% in the past seven days. This development could also be related to Robinhood’s decision to list the token. On the daily chart, the Moving Average Convergence Divergence (MACD) indicator remained positive.
Read more: Ripple (XRP) Price Prediction 2021/2025
The MACD indicator is a trend-following momentum tool that shows the relationship between two moving averages of an asset's price. With these indicators, traders can assess the strength of bullish or bearish momentum.
Ripple Daily Analysis. Source: TradingView
When it is negative, the momentum is bearish. But when it is positive, the momentum is bullish. If this continues, the price of XRP could rise to $0.85. However, if crypto whales start selling in droves, this may not happen. In this scenario, XRP could fall to $0.63.
The article XRP Soars on Speculation Over Gensler’s Exit appeared first on BeInCrypto.
