‘Massive Rally’ Incoming as XRP Taps $0.8?

TL;DR

• XRP rose above $0.80, driven by expectations of regulatory changes at the helm of the US SEC.
• While analysts predict further gains for the asset, the RSI index suggests a short-term correction could be on the horizon.

Turning Into a Top Performer

Despite its retreat in the past 24 hours, the cryptocurrency market has been booming since Donald Trump’s victory in the US presidential elections (held on November 5). Initially, Ripple’s XRP lagged behind the other leading assets in terms of gains. However, it stands as the best-performing one from the top 20 club today.

Several hours ago, XRP’s price pumped to $0.83, a level last observed in the summer of 2023. Currently, it trades at around $0.80 (per CoinGecko’s data), representing a 14% increase on a daily scale. 

Perhaps the most apparent reason fueling the rally is the increased speculation that the Chairman of the US SEC – Gary Gensler – could soon vacate his post.

During his tenure, the agency has filed countless lawsuits against crypto businesses, and the community expects a different approach from the new potential leader. In any case, Gensler’s days in charge of the Commission seem numbered since Trump promised to fire him once assuming office. 

According to multiple market observers, XRP is poised for much more impressive gains in the near future. X user Mikybull Crypto claimed the asset’s valuation made a breakout on “the three-year downtrend,” suggesting that a “massive rally” is just around the corner. 

JAVON MARKS chipped in, too. The strategist envisioned a triple-digit spike to $3.30 based on XRP’s performance in the past. 

Another pundit who recently outlined bullish forecasts is Cryptoinsightuk. The analyst thinks XRP can mirror the solid performance of DOGE and soar above $1:

“I honestly feel a clean break of $0.66, and we send it $1+. Probably find resistance around $1.28.”

Possible Pullback on the Way?

Despite the overall optimism among industry participants, the XRP Relative Strength Index (RSI) hints at an incoming correction. The technical analysis tool monitors the speed and change of price movements, ranging from 0 to 100. 

Ratios above 70 signal that the asset has entered an overbought territory, meaning it might head south in the short term. Conversely, readings below 30 are viewed as a buying opportunity.

Currently, the RSI is set at approximately 71.