XRP Eyes 60% Gain Ahead of Gary Gensler Resign

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After an impressive escape from a symmetric triangle pattern and approximately 40 days of investors steadily buying back, the XRP coin seems set to experience a substantial upward trend.

Technical analysts interpret a breakout as a positive indication for XRP, suggesting it might reach $4 soon. Symmetrical triangles are often recognized as continuation patterns that indicate potential growth when the price crosses the upper trendline with higher trading volumes. As of January 13th, XRP was being traded around $2.54 and displayed robust bullish momentum even after minor dips, according to Brave New Coin’s XRP Liquid Index.

Based on calculations using the triangle’s height, XRP has a potential optimistic price increase of around $4. This forecast is backed by market analyst World of Charts who appears confident in this projection, emphasizing its validity.

 “The cryptocurrency could reach the level in the ‘next couple of days.’”

Ripple’s Legal Battle Update — Key Documents Sealed

The possibility of a price surge aligns with Ripple’s recent court victory against the U.S. Securities and Exchange Commission. On January 11, a federal judge granted a request to conceal crucial documents, maintaining secrecy over Ripple’s key evidence in their legal case.

This decision introduces an additional level of intricacy into the SEC’s case, given the approaching January 15th deadline for them to submit their opening brief for an appeal. The aim of this appeal is to reverse Judge Analisa Torres’ verdict that XRP’s regular sales did not comply with the Howey Test standards, a judgment crucial to resolving the ongoing legal conflict.

Analysts’ enthusiasm is linked not only to their outlook but also to the imminent shift in SEC leadership. With Chair Gary Gensler leaving office on January 20, Paul Atkins – a former Commissioner – is poised to step in. Some legal experts believe that Atkins’ more market-friendly approach could potentially ease regulatory burdens for Ripple and the broader cryptocurrency sector.

As a researcher delving into the realm of cryptocurrency regulations, I’ve observed that Gensler’s tenure was characterized by a robust and assertive approach to regulation. However, I anticipate that his successor, Atkins, will usher in a more balanced viewpoint. John Reed Stark, a former head of the SEC Office of Internet Enforcement, has expressed his insights on Atkins.

Paul supports free trade and strongly dislikes excessive government control – a stance that could potentially benefit the crypto world positively. Furthermore, Paul has consistently held the view that the Securities and Exchange Commission’s enforcement can be overly aggressive, inconsistent, and in dire need of substantial improvements. Therefore, it is reasonable to anticipate that reining in SEC Enforcement actions will be a key focus for Paul.

XRP Trading Volume Surged Over 80% — Sign of Major Bull?

On the 12th of January, the trading volume for XRP saw a significant jump of over 80%, peaking at approximately $8.98 billion, as per data from CoinMarketCap. A substantial portion of this surge, over $1 billion, was attributed to Korea’s Upbit exchange. This dramatic increase in trades coincided with a rise in XRP’s price by 9%, causing it to momentarily reach $2.60 before slightly adjusting downwards.

The increased trading activity indicates a growing curiosity about cryptocurrency, implying that more money is moving towards XRP due to increased market enthusiasm. Recently, experienced trader Peter Brandt noted on a chart that XRP has broken out of a bullish pennant pattern, which could mean further price increases if the breakout remains strong.

Nevertheless, analysts advise that for XRP to sustain its positive trend, it should continue above the upper boundary of the triangle pattern. Dropping below $2.37 might contradict the breakout and guide the price down to around $2.30, which lines up with the 50-12H exponential moving average.

Indeed, it’s a positive development for XRP investors, as the upcoming year seems poised to set new records in terms of success for both Ripple and its native currency, XRP.

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2025-01-13 18:10