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

• XRP’s price has surged by over 32%, reaching a 3.6-year high of $1.43, a level last seen in May 2021.
• The rally comes after SEC Chair Gary Gensler confirmed he will step down on January 20, 2025.
• Asset Manager WisdomTree launches Physical XRP ETP in Europe.

XRP has surged to its highest level in 3.6 years, crossing $1.43, following SEC Chair Gary Gensler’s confirmation that he will step down in January 2025. The news sent XRP’s price soaring over 32% in just 24 hours, climbing from $1.10 to an intraday peak of $1.43—a level not seen since May 19, 2021.

At the time of writing, XRP was priced at $1.40 with a market cap of $79.89 billion. Additionally, the daily trading volumes soared over 141% to $16.38 billion in the last 24 hours. Most of XRP’s daily gains come within ten hours of Gensler’s exit confirmation, signaling investors’ positive reaction. 

The crypto market was excited as investors interpreted Gensler’s exit as a sign of a potential shift toward crypto-friendly regulations in the U.S. Ripple, which has faced SEC scrutiny since 2020, gained renewed momentum after the expectation of resolving its long-run legal battle earlier next year. 

This expectation has further solidified the altcoin’s position, with the token rallying 73% in the past week and 160% over the month.

Further, the launch of WisdomTree’s Physical XRP ETP in Europe added to the bullish momentum. This development propelled XRP’s open interest to hit an all-time high of $2.17 billion.

XRP Signals Continued Bullish Trend

On the technical front, XRP has formed a bullish symmetrical triangle on the four-hour chart, signaling a possible breakout. Despite an extremely overbought RSI of 79, historical patterns suggest the bullish momentum could sustain further gains.

Additionally, the price remains well above the 200 EMA, suggesting a potential continuation of the upward rally. Further, key levels in the Ichimoku Cloud indicator signal a strong bullish trend, with XRP’s price ($1.39) being significantly higher than the conversion line ($1.05) and the base line ($0.9625).

If XRP breaks above $1.43, it could face an immediate surge toward $1.65 in the short term, potentially setting new targets at $1.90 or even $2 in the days ahead. On the downside, the altcoin may drop to $1.31 or $1.26. 

Moreover, the flagship cryptocurrency Bitcoin (BTC) has been driving the crypto market higher as it approaches the $100K zone, shifting market sentiment from consolidation to an uptrend.

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