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The XRP price surged 24% in the last 24 hours to trade at $1.4026 as of 11:35 p.m. EST on trading volume that skyrocketed 132% to $16 billion.
This follows the announcement by Securities and Exchange Commission (SEC) Chair Gary Gensler, known for his aggressive stance on cryptocurrency and financial market oversight, that he will step down from his position on January 20, the day Donald Trump is inaugurated as president.
On January 20, 2025 I will be stepping down as @SECGov Chair.
A thread 🧵⬇️
— Gary Gensler (@GaryGensler) November 21, 2024
President-elect Donald Trump had pledged during his campaign to remove Gensler from his position ”on day one.” Following Gensler’s announcement, Ripple, one of the companies impacted by his regulatory approach, has seen its native token, XRP, soar.
XRP Price Set For A Continued Rally
According to the XRP/USD analysis, the XRP price is experiencing a significant bullish breakout. This is evidenced by the sharp upward move, confirmed by strong price momentum and high volume. The parabolic price movement suggests strong demand and bullish sentiment.
The $0.49 support allowed the bulls to push the price of XRP up, as data from GeckoTerminal shows.
As a result of the sustained uptrend, the XRP price has gracefully crossed over both the 50-day and 200-day Simple Moving Averages (SMAs), which confirms the bullish sentiment.
Meanwhile, the bulls have gained full control of the asset, as the Relative Strength Index (RSI) crosses way past the 70-overbought region, currently at 89. This is also an indication that XRP is currently overvalued.
The Moving Average Convergence Divergence (MACD) also reinforces the bullish momentum, as the blue MACD line crosses above the orange signal line, an indication that the price of XRP is currently on a positive trajectory.
If the volume sustains and bullish sentiment remains strong, Ripple price may continue its upward trajectory. Key resistance levels would likely emerge near psychological levels, such as $1.50 or $2.00, acting as the major targets for the bulls.
Conversely, with the RSI in overbought territory, a short-term pullback or sideways consolidation is likely. Possible support levels to watch include the 50-day MA ($0.6408) and $1.20 (previous resistance).
Meanwhile, investors looking for alternatives may want to consider Crypto All-Stars (STARS), an innovative new ICO that has just surged past $5 million in funds raised in its presale.
According to 99Bitcoins, a prominent crypto channel on YouTube with over 706K subscribers, $STARS has the potential to soar 100X after its launch.
Crypto All-Stars Presale Ends In 28 Days – Last Chance To Buy
Crypto All-Stars presents itself as an exciting new project that is currently in its presale phase offering investors the last chance to buy before it ends in just 28 days.
Launching at a time when the market is pumping, the Crypto All-Stars project introduces a one-of-a-kind meme coin staking platform.
The project’s MemeVault staking protocol allows investors to stake popular meme coins on one platform for the first time.
Why Is Everyone Excited?
In its initial presale phase, Crypto All-Stars raised over $350k! 💰
This early success shows that investors see BIG potential here. 🚀
Could this be the next $PEPE? 👀
— web3telepath (@web3telepath) August 15, 2024
The meme coins that can be staked on Crypto All-Stars are Pepe, Dogecoin, Shiba Inu, Floki, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk. More will be added in the coming months.
You can also earn passively through the project’s native staking mechanism, which offers an impressive 369% annual percentage yield (APY) on staked STARS tokens.
You can buy the token now for $0.0015997.
Purchase $STARS from its official website here using BNB, USDT, or a bank card.
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