- XRP rose 5% following Gary Gensler’s resignation announcement as SEC Chairman.
- Analysts predict $27 or $10 targets based on key bullish patterns.
- Gensler’s departure sparks hopes for regulatory shifts favoring Ripple in its lawsuit.
Ripple’s XRP surged 5% following a major announcement from SEC Chairman Gary Gensler. Gensler confirmed he will step down from his role on January 20, 2025. This date coincides with Donald Trump’s expected inauguration as the 47th President.
Many traders linked the resignation to Ripple’s ongoing legal battle with the SEC. Optimism spread across the XRP community, as some believe new leadership could signal a softer regulatory approach for crypto firms.
XRP’s Price Levels and Bullish Patterns
Market analysts have pointed to $1.2 as a make-or-break price level for XRP. A breakout above this point could spark a significant rally. Two bullish chart patterns currently shape predictions for future price movements.The white symmetrical triangle suggests an aggressive upside, targeting $27.
This pattern reflects explosive growth potential if momentum remains strong. On the other hand, the blue ascending triangle offers a more conservative target of $10. Though smaller in scale, this move would still represent a solid gain.
Both patterns highlight bullish possibilities for XRP, but risks remain. If the $1.2 level fails to hold, traders may witness a broader market retest. The next few weeks will likely determine which path XRP follows.
Gensler’s Exit Creates Ripple Optimism
Gensler’s tenure has been marked by strict regulatory action against crypto companies, including Ripple. His resignation fuels speculation about a potential shift in the SEC’s approach. Many believe his departure could reduce pressure on Ripple, allowing for a more favorable resolution to the ongoing lawsuit.
The lawsuit against Ripple remains one of the most closely watched cases in crypto. A positive outcome could lead to broader adoption and significant price gains for XRP. Gensler’s departure has already boosted market sentiment, with XRP reacting instantly to the news.
As January 2025 approaches, traders are watching for updates on who will replace Gensler. The new SEC leader’s stance will likely play a key role in shaping Ripple’s future. For now, XRP’s price action suggests optimism, with many betting on a bullish breakout. The next move could be monumental.
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