XRP continues to consolidate, trading around $1.10 after reaching a high of $1.27 earlier this month. Investors are eyeing the regulatory developments following speculation that SEC Chair Gary Gensler might resign.
Quick Take
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Speculation around SEC Chair Gary Gensler’s resignation is fueling market uncertainty.
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A pro-crypto SEC Chair could drive XRP toward $1.50.
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Record ETF inflows and institutional adoption push BTC to all-time highs.
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XRP and Dogecoin trading volumes surpass Bitcoin on South Korean exchanges.
XRP Holds Steady After Crossing $1
XRP continues to consolidate, trading around $1.10 after reaching a high of $1.27 earlier this month. Investors are eyeing the regulatory developments following speculation that SEC Chair Gary Gensler might resign.
Fox Business reporter Eleanor Terrett revealed that Gensler's resignation could reshape the SEC's stance on crypto. Market experts believe a leadership change may favor XRP, with a potential rally pushing it past $1.50.
Pro-Crypto Leadership Could Be a Game-Changer for Ripple and XRP
Gensler's exit raises questions about the next SEC Chair. Two potential candidates are Brad Bondi and Bob Stebbins. Bondi’s pro-DeFi and self-custody stance has garnered support from crypto advocates, including Amicus Curiae attorney John E. Deaton.
Bondi’s approach to crypto regulation could set a new precedent for XRP, particularly regarding its programmatic sales ruling. Analysts predict his leadership might boost XRP demand significantly.
Bitcoin Nears $100K, Lifts Market Sentiment
While XRP consolidates, Bitcoin is stealing the spotlight, climbing to a record $97,800. Institutional inflows, including MicroStrategy's bond offering, have fueled BTC's surge. This rally has bolstered confidence across the crypto market, providing tailwinds for XRP’s price action.
Read more: The History of Bitcoin Bull Runs and Crypto Market Cycles
South Korean Traders Fuel XRP Rally as Trading Volumes Surge By 30%
XRP and Dogecoin trading volumes on South Korean exchanges have outpaced Bitcoin. XRP accounted for over 30% of Upbit’s trading volume in the last 24 hours, highlighting its strong demand. Analysts warn, however, that excessive speculation could lead to temporary price corrections.
XRP Technical Analysis: Key Support at $1 and $0.95
XRP/USDT price chart | Source: KuCoin
XRP’s technical indicators suggest a consolidation phase. Immediate support lies at $1.00, with stronger levels at $0.95 and $0.85. Resistance zones are seen at $1.26 and $1.40, with a potential breakout targeting $1.50.
What Is the XRP Price Prediction After Surpassing $1 Mark?
Despite short-term fluctuations, XRP’s long-term trajectory remains bullish. Analysts like CasiTrades project a price range of $8 to $13, supported by favorable technical indicators and improving market conditions.
The federal ruling that XRP sales to retail investors are not securities continues to bolster investor confidence. Additionally, speculations around an XRP ETF further add to its growth potential.
Conclusion
XRP’s price action hinges on upcoming regulatory developments and the SEC Chair appointment. A pro-crypto leader could ignite a rally, while Bitcoin’s record highs provide a strong backdrop for the market. Keep an eye on key support and resistance levels, as XRP's consolidation phase might set the stage for its next big move.
