What’s Behind XRP’s 30% Surge to a 3.6-Year High?

XRP Surges Over 32% to a 3.6-Year High

XRP has soared to its highest level in 3.6 years, crossing $1.43. This rally follows the announcement that SEC Chair Gary Gensler will step down in January 2025.

News Triggers XRP's Surge

News of Gensler's departure has fueled speculation of a potential shift towards crypto-friendly regulations in the U.S. Ripple, which has faced SEC scrutiny since 2020, has been positively impacted by this news.

Additional Factors Contributing to XRP's Growth

• Launch of WisdomTree's Physical XRP ETP in Europe
• Strong technical indicators suggesting a potential breakout
• Open interest hitting an all-time high of $2.17 billion

Technical Analysis

• XRP has formed a bullish symmetrical triangle on the four-hour chart.
• Key levels in the Ichimoku Cloud indicator signal a strong bullish trend.
• If XRP breaks above $1.43, it could face an immediate surge toward $1.65, with potential targets at $1.90 or even $2.

Market Sentiment

Flagship cryptocurrency Bitcoin's rise toward the $100K zone is also driving the crypto market higher, further boosting XRP's momentum.

Highlighted Crypto News

• Can PEPE Break Its ATH as Bullish Momentum Builds?