XRP Cryptocurrency Soars Above $0,80 as Gensler Possible Exit; Is It Time for XRP?

The price of XRP today has surged 17% in the past 24 hours, outpacing both Bitcoin’s gains and those of other major cryptocurrencies today. XRP traded above $0,82 this morning, extending weekly gains to 50%. The surge has taken the cryptocurrency to levels last seen in June 2023.

The recent surge in the price of XRP comes amid a possible departure of Gary Gensler from the helm of the United States Securities and Exchange Commission (SEC).

XRP price reacted after SEC Chairman Gary Gensler hinted at an imminent departure from his role during a speech yesterday, November 14. In his statement, Gensler acknowledged the end of his tenure at the SEC as President-elect Donald Trump prepares to take office in January 2025.

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Some speculation in the cryptocurrency community is suggesting that a Trump-led government that is pro-crypto could favor projects based in the country, such as Ripple and Uniswap.

At the time of publication, the price of XRP is trading at $0,8276, up 15.2% over the past 24 hours. XRP (XRP) trading volume is $11.501.945.675 over the past 24 hours, representing a 62,80% increase from a day ago and signaling a recent surge in market activity.

Is it time for XRP?

Amid recent market movements, is it time for XRP? A market analyst has noted the recent price action of Ripple’s native cryptocurrency and suggested a potential bullish breakout.

Analyst known as Babenski on TradingView highlighted in his recent technical analysis that the price of XRP/USDT is breaking out of a massive triangle pattern since 2021. “For the past few months, this coin has been sleeping and has a very narrow range to move. In my opinion, there is a chance for it to move. Now, keep an eye on it.”

When updating your perspective, the expert emphasized the token’s recent price increase, highlighting a potential short- to medium-term rally. “XRP is up 18% since the share (it hit $0,8 today)
Few days before the weekly close to confirm more short and medium term upside potential,” he wrote.

According to the chart shared in the analysis, the expert projects XRP to rise towards approximately $1.35.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.