XRP has experienced a remarkable surge, climbing over 32% to reach $1.43—a 3.6-year high not seen since May 2021. This rally follows SEC Chair Gary Gensler’s announcement that he will step down on January 20, 2025. Investors have reacted positively to the news, driving XRP’s price from $1.10 to an intraday peak of $1.43 within 24 hours.
At the time of writing, XRP is trading at $1.40 with a market capitalization of $79.89 billion. Daily trading volumes have skyrocketed by 141%, reaching $16.38 billion. Most of the gains occurred within 10 hours of the announcement, signaling optimism about potential regulatory shifts in the U.S. under new SEC leadership. Ripple, which has been entangled in legal battles with the SEC since 2020, has seen its momentum build further amid expectations of resolving these issues in early 2025.
Over the past week, XRP has rallied 73%, and over the last month, it has soared 160%. Adding to the bullish sentiment, WisdomTree recently launched a Physical XRP ETP in Europe, boosting XRP’s open interest to a record $2.17 billion.
XRP’s Technical Indicators Signal Continued Strength
On the technical front, XRP has formed a bullish symmetrical triangle on the four-hour chart, suggesting a potential breakout. Despite an overbought RSI of 79, historical trends indicate that the upward momentum could continue. The price remains above the 200 EMA, reinforcing the likelihood of further gains. Additionally, key Ichimoku Cloud levels show strong bullish signals, with XRP trading significantly higher than both the conversion line ($1.05) and the base line ($0.9625).
If XRP surpasses the $1.43 resistance, it could quickly target $1.65, with further potential to reach $1.90 or even $2 in the near term. On the downside, support levels are at $1.31 and $1.26.
Meanwhile, the broader crypto market is experiencing a resurgence, led by Bitcoin (BTC), which is nearing the $100K mark, signaling a shift from consolidation to an uptrend across digital assets.
