XRP Price Prediction Indicates $1.2 -$1.4 Range Post Gensler Resignation?

Ripple’s XRP ($XRP) skyrocketed after Gary Gensler announced plans to resign as SEC Chief. While XRP price prediction for the mid and long-term looks bullish, there was a correction in the works at the time of writing.

Within 24 hours of the abovementioned incident, it rose around 12%. The following day, it rose another 18%, however, by Saturday, correction had begun.

As of writing, XRP today was down 12%, almost going back to Thursday’s level. XRP could start consolidating near the $1.2 to $1.4 range. Emboldened investors are expecting new pro-crypto regulatory policies.

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Market sentiment is also influenced by Ripple’s ongoing battle with the SEC and further speculation over Ripple’s mid to long-term price targets.

XRP Breaks $1.00 as Market Momentum Builds

Sustained market interest for XRP is also reflected in the price rally. The current market cap is $76.16 Billion, i.e. down 9.6%. 24-hour trading volume is down 27.73% to $11.30 Billion as of now.

Immediate resistance is seen closer to $1.2388, and with the rally gaining strength, the price target lies in the $1.30-$1.50 range.

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On the downside, XRP has support around $1.10, whereas, in the long term, its fundamentals are strong, as the total circulating supply of XRP is 56.93 Billion, out of a total supply of 99.99 billion.

Now market participants are eyeing South Korea, where XRP’s trading volume has been outpacing Bitcoin, suggesting a large amount of retail interest.

Gensler’s Resignation and Ripple’s Regulatory Optimism

Crypto market reactions to SEC Chair Gary Gensler’s resignation have resulted in a positive impact on XRP. This is seen by investors as the turning point in U.S. crypto regulation.

It is expected to finally lead to more favorable policies of benefit to Ripple’s ecosystem. Brad Garlinghouse, Ripple CEO, indicates renewed optimism for a win in the company’s lawsuit against the SEC.

Ripple’s case is still evolving. Parallels have been drawn to the recent BitClave $4M settlement, which could set new precedents for securities-related lawsuits in the crypto space.

Market enthusiasm has further been amplified by Ripple’s expanding partnerships. This includes new exchanges for Ripple USD (RLUSD) distribution, enhancing XRP’s global presence.

Additionally, XRP deposits on Binance have gone up to record levels within 18 months, signifying mounting bullish sentiment. The spike is in both retail and institutional investors.

Mid to Long-Term XRP Price Predictions

Market analysts believe XRP’s mid-term forecast is bullish, with XRP price prediction of a rally to $1.96 if recent patterns repeat. In long-term forecasts, macroeconomic and speculative interest will drive price targets of up to $8-$13.

One scenario envisions a potential Giga Pump’ to $40, driven by U.S. regulatory reforms or a successful conclusion to Ripple’s legal battles.

In addition to regulatory optimism, discussions around potential spot ETFs for XRP, Solana (SOL), and HBAR have further bolstered investor confidence. It signals a possible shift toward an altcoin season.

Ripple’s active engagements with the broader crypto ecosystem are adding to XRP’s bullish case. Ripple recently held discussions with Cardano (ADA) founder Charles Hoskinson on DeFi, stablecoins, and integrations.

However, XRP price today still faces challenges, including a slight decline in payment volumes. Payment volume highlights the importance of sustained positive market sentiment to maintain momentum.

With coming Ripple legal battles, ETF approvals, and market volume trends, investors should continue to watch XRP’s price.