In the last week or two, XRP's price has surged significantly. Why? There’s big news: Gensler has issued a public letter hinting that he may resign from the SEC soon. Since Donald Trump won the U.S. presidential election last week, rumors about Gensler's resignation have circulated in the market. Trump has publicly stated that he would fire Gensler once he is back in office, which has intensified the market's expectations for Gensler's departure.
For XRP, this potential change is undoubtedly a key factor in its explosive rise. Ripple has been in a legal battle with the SEC for nearly four years, and it can be said that they have been in opposition since Gensler took office. Gensler's resignation could not only benefit Ripple but also have profound implications for actions taken against other cryptocurrency companies during his tenure. If Gensler's successor adopts a more lenient policy towards the cryptocurrency industry, the market outlook for XRP could greatly improve, undoubtedly providing strong upward momentum for XRP's price. It feels like XRP is currently trying to break through two tough barriers. The first is $1.11, which it has reached before; the second is $1.26, which was also a previous closing high. However, XRP has hit a wall at $1.26, and it has become a tough nut to crack.
If XRP can break through the tough barrier of $1.26, it might aim for $1.59 next. If it pushes a bit harder, $1.95 is also possible, but this requires the price to continue rising.
However, it is not easy for XRP to reach $2.
From the weekly chart, XRP still faces a tough challenge at $1.29-$1.30, which is similar to $1.26. This is likely where XRP might struggle again.
If XRP truly breaks through, it might touch the previous high of $1.73, or even reach $1.95. However, there is a problem now: the RSI is slightly overbought, and in the past, prices have pulled back during similar situations. Although the market is quite hot now, making a significant drop unlikely, XRP may still need to catch its breath and pull back before continuing its surge.
