XRP Price Rally: Optimism Continues

XRP has crossed the $1 resistance level this week, marking a surge of almost 200% since June. Crypto experts anticipate further momentum for the rally.

Positive Outlook from Experts

XRP Queen, a leading analyst with a substantial following, believes XRP could experience a significant surge if Gary Gensler resigns as SEC head. This speculation stems from expectations that Trump's appointment of a new SEC chair may be more favorable towards the crypto industry.

Fundamental Developments

Ripple's plans to introduce RLUSD, a US dollar-backed stablecoin, demonstrate its commitment to expanding its role in blockchain and payments.

Technical Analysis

Analysts observe a bullish pennant pattern forming over the past seven years. A breakout from this pattern could indicate additional gains in the coming months.

Price Forecast

The daily chart suggests consolidation after the recent rally, highlighting a bullish pennant pattern. XRP is positioned above key support and moving averages, indicating a potential upward movement.

A breakout could lead to a target of $1.2685, with a further surge towards its 2021 high of $1.97 possible. However, it is less likely to reach its all-time high of $3.54 within this year.