TL;DR
- XRP surged by double digits in the past week, with analysts predicting additional gains of up to $8.
- Rumors of SEC Chair Gary Gensler’s replacement with a new pro-crypto leader could aid Ripple’s legal issues, driving XRP’s growth further.
The Potential Journey to a New ATH
Ripple’s XRP was unable to join the massive bull run of the cryptocurrency market following Donald Trump’s win in the US presidential elections. However, in the past week, it followed suit and even outperformed all of the top 20 digital assets. As of the time of this writing, it trades at $1.13 (per CoinGecko’s data), representing a 67% increase on a seven-day scale.
The resurgence fueled huge enthusiasm across the XRP community, while multiple analysts predicted further gains in the near future.
The X user Mikybull Crypto thinks the asset’s rally has yet to start. The trader assumed XRP might experience a massive price jump if the Bitcoin (BTC) dominance declines. Currently, the primary cryptocurrency accounts for almost 60% of the total crypto market share. Its dominance has been on the rise since the end of 2022, and it will be interesting to see if there will be an eventual altcoin season that could cause a shift in the trend.
JAVON MARKS envisioned a “bullish breakout” that could send XRP’s valuation to over $3, while Crypto Ceaser was even more optimistic.
The latter thinks the price may “cool off a bit” in the short term and later begin a journey to an all-time high of almost $8.
Crypto Tony chipped in, too. He described a potential consolidation and retreat to $0.92 as “a gift.” “Would love to see that and then a hold on the daily closure. I remain long from 0.66c as shared,” the trader added.
Waiting for Gensler’s Possible Resignation
One important factor that may trigger an additional price increase for Ripple’s native token is change at the leadership of the US Securities and Exchange Commission (SEC). Since 2021, the agency has been led by Gary Gensler who is known for his anti-crypto stance. During his tenure, the SEC filed countless lawsuits against cryptocurrency businesses, including Ripple.
According to many market observers, Gensler’s days at the helm are numbered. After all, Trump promised to fire him on day 1 after assuming office. The previous Chairmen of the regulator, Mary Jo White and Jay Clayton, resigned days after the presidential elections in 2016 and 2020, respectively, which also suggests that the current leader could soon vacate his post.
The next Chair is expected to be pro-crypto. Such a shift could lead to a faster settlement of the Ripple v. SEC legal battle (and other cases) and positively affect XRP and the entire market.
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