- Mark Uyeda’s SEC leadership raises hopes for Ripple as XRP gains 5% amid market optimism.
- XRP charts indicate potential growth to $4.40, supported by key Fibonacci levels.
- Speculations of XRP reaching $20 could push its market cap to $1 trillion, surpassing major companies.
Ripple’s XRP gained 5% on Monday after an announcement on his first day in office by President Donald Trump, appointing Commissioner Mark Uyeda as the acting Chair of the Securities and Exchange Commission (SEC).
Ripple Climbs as SEC Chairman Steps Down
The departure of Gary Gensler from the SEC and the appointment of Mark Uyeda has given Ripple a new lease of hope concerning the law. Uyeda has spoken openly about the necessity of the proper rules for cryptocurrency, and he does not approve of the large-scale measures used by the SEC. His support for the sector has fueled speculation that the SEC might drop its appeal against Ripple, further boosting investor sentiment. Increased activity in XRP spot and investment products reflects this growing optimism.
XRP Price Targets Higher Levels
XRP, trading at $3.18 during press time, has shown significant strength on technical charts. Analyst Ali Martinez highlighted the breakout above the $3.35 level, with projections suggesting a target of $4.40 if current momentum continues. Key Fibonacci levels support this outlook, with $2.90 providing a strong foundation and resistance levels set at $3.69 and $4.16. A continuation of this trend could push XRP to the 1.786 Fibonacci extension level, underscoring its upward trajectory.
The experts in the field of analytics and regular users have already expressed their opinions about what price XRP can reach in the future, with some people believing that $20 per coin may bring a market capitalization of $1 trillion. This jump would put XRP higher than the biggest international corporations including Berkshire Hathaway and Taiwan Semiconductor Manufacturing Company (TSMC). The prospect of XRP attaining such milestones reflects the increasing confidence in its market utility and resilience amid ongoing legal challenges.
SEC Case May See a Shift Under New Leadership
The SEC’s appeal, filed earlier this month to overturn a ruling that XRP’s retail sales are not securities, remains a focal point of the legal battle. However, Uyeda’s leadership could shift the agency’s approach. A majority vote among SEC commissioners may lead to the case being dismissed, aligning with growing recognition of XRP’s role in the broader crypto ecosystem.
