What Does Gensler’s Resignation Mean for XRP? Is This the Start of a Major Altcoin Surge?
Gary Gensler’s potential resignation from the SEC has sent ripples through the cryptocurrency industry. As the former chair known for his strict regulatory stance steps down, optimism is resurging among investors. This change could signal a new chapter for digital assets like XRP, which struggled under regulatory pressures. Observers are now speculating if this shift might spark a significant rally in altcoin markets.
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XRP (XRP)
XRP has seen significant gains recently. In the past week, its price jumped by 46.37%. Over the last month, it climbed 50.45%, and in six months, it increased by 56.19%. These impressive figures highlight a strong upward trend for XRP.
Currently trading between $0.52 and $0.64, XRP is approaching its nearest resistance level at $0.69. If it breaks through this point, the next target could be $0.81. The 10-day simple moving average sits at $0.81, while the 100-day average is at $0.68. These indicators suggest that XRP might continue its upward movement.
Technical metrics support this positive outlook. The Relative Strength Index is at 63.43, indicating strong buying pressure. The Stochastic oscillator reads 71.74, which also points to bullish momentum. With a MACD level of 0.0286, there’s potential for further price increases. If XRP maintains this momentum, it could move past the resistance levels and reach new highs.
Ondo Finance (ONDO)
Ondo (ONDO) has experienced significant price changes recently. In the past week, its price rose by 14.33%. Over the last month, it increased by 13.38%. However, considering the last six months, the price has decreased by 9.28%. Currently, ONDO is trading within a range of $0.66 to $0.94.
The recent short-term gains suggest positive momentum. The Relative Strength Index (RSI) is at 45.98, indicating that the asset is neither overbought nor oversold. The stochastic oscillator reads 33.50, which could imply potential for further upward movement. The 10-day Simple Moving Average is $0.84, slightly below the 100-day average of $0.88. This slight difference might suggest a neutral trend in the short term.
Looking ahead, if ONDO continues to climb, it may reach the nearest resistance level at $1.05, which would be an increase of about 11% from its current high. Beyond that, the second resistance level is at $1.33, representing a potential gain of approximately 41%. On the downside, the nearest support level is at $0.48, indicating a possible decline of about 27% from its current low. The second support level sits at $0.192, which is significantly lower. These levels will be crucial for traders watching ONDO’s potential movements.
Pepe (PEPE)
Pepe (PEPE) has caught the crypto community’s attention with remarkable price gains over the past months. In the last six months, PEPE’s price has jumped by over 110%, showcasing substantial growth. The momentum didn’t stop there; the past month saw a surge of nearly 93%, and just this week, the coin soared by approximately 82%. These impressive increases highlight PEPE’s potential as a dynamic player in the cryptocurrency market.
Currently, PEPE is trading between $0.000009034 and $0.00001431, hovering near its nearest resistance level of $0.00001629. Breaking through this resistance could pave the way toward the second resistance at $0.00002157, potentially yielding significant percentage gains. On the flip side, if the price dips, it may test the nearest support level at $0.000005738, with a further drop possibly reaching the second support at $0.0000004616.
Technical indicators present a mixed picture. The Relative Strength Index (RSI) is at 44.65, suggesting that PEPE is neither overbought nor oversold. The stochastic indicator at 14.83 indicates potential upward momentum, while the Moving Average Convergence Divergence (MACD) level is slightly negative at -0.0000001204, hinting at possible short-term bearish pressure. With the 10-day and 100-day simple moving averages above the current price, PEPE may face challenges in regaining its upward trajectory. Investors will be watching closely to see if PEPE can sustain its growth or if a correction is on the horizon.
TRON (TRX)
TRON (TRX) has seen significant movement recently. Over the past week, its price jumped by 11.80%. In the past month, it rose by 12.74%. Looking back six months, TRX surged by 45.55%. This upward trend highlights growing interest and momentum in the market.
Currently, TRX is trading between $0.16 and $0.17. The nearest resistance level is at $0.17, while the nearest support is at $0.16. If TRX breaks above $0.17, it could test the second resistance at $0.18. On the downside, if it falls below $0.16, the next support level is at $0.15.
Technical indicators show mixed signals. The Relative Strength Index stands at 51.68, suggesting neutral momentum. The Simple Moving Averages for both 10 and 100 days are at $0.18, indicating the price is slightly below its recent average. The MACD level is negative at -0.0003017, pointing to possible bearish momentum. However, the overall upward trend over the past six months suggests potential for growth if TRX can surpass resistance levels.
Conclusion
XRP, ONDO, PEPE, and TRX are promising, but XYZVerse (XYZ), the first all-sport memecoin uniting fans, aims to lead the 2024 bull run after Gensler’s resignation.
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Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
