XRP Price Rises 30% Following SEC Chairman’s Resignation: Outlook for 2024

Friday, November 22, 2024, the cryptocurrency XRP showed a significant jump in its market value, with a rise of almost 30% quoted close to US$ 1,40 today, driven by the news of
Gary Gensler’s resignation
, until then Chairman of the United States Securities and Exchange Commission (SEC). The upward movement coincides with statements by Donald Trump, who promised to remove Gensler from office on his first day in office, if reelected.
At the time of publishing, the price of XRP today is now at $1,37 and is up 25% in the last 24 hours.
After Gensler’s departure was confirmed, the cryptocurrency market reacted positively, with XRP rising from a price of $1,10 to around $1,40. This appreciation takes the currency to a level not seen since September 2021. It is worth remembering that XRP’s all-time peak occurred in 2018, when it reached $3,40, and surprisingly surpassed Bitcoin in market capitalization, leading the sector.
Remember that
#XRP
was the No. 1 by market cap back in 2018
You better get used to it because the exact same thing will happen again in a very short period of time!
pic.twitter.com/h7RBLUE4uC
— (@_Crypto_Barbie)
November 17, 2024
Technical analysis indicates that if XRP maintains its stability above the $1,40 range, it could target the next significant resistance level around $1,80. This scenario offers an interesting medium-term outlook for investors, who should keep an eye on the $2,05 and $2,20 price zones, according to analyst Credible Crypto.
On the USD pairing,
$ Xrp
monthly RSI is about to enter overbought territory for the first time in 3 years.
This is bullish af.
Contrary to popular belief, the higher RSI goes the stronger momentum is and the more bullish a coin is (absent bear divs) and like every other form of…
https://t.co/cwOiY28LJv
pic.twitter.com/XFoy7i81ZL
— CrediBULL Crypto (@CredibleCrypto)
November 22, 2024
Meanwhile, Bitcoin is also showing signs of strengthening, approaching the historic $100 mark. The current volatility in the cryptocurrency market reflects not only political changes, but also the adaptability and sensitivity of this market to global economic and regulatory scenarios.