Crypto experts explain why XRP price could surge soon

XRP price has performed well so far this month and crypto experts predict that the rally will gain momentum soon.

Ripple (XRP) broke through key resistance at $1 this week as demand surged, gaining almost 200% from its June lows.

Crypto experts remain optimistic about XRP’s potential. XRP Queen, an analyst with nearly 50,000 followers, suggested in an X post that XRP could experience its “biggest pump” if Gary Gensler resigns as chairman of the Securities and Exchange Commission.

Speculations have increased regarding Donald Trump’s resignation following his election victory, as Trump is expected to appoint a new SEC chairman who could be more positive for the crypto industry.

Such a president could end Ripple Labs’ ongoing litigation and approve additional crypto ETFs, including XRP.

Fundamental developments also strengthen optimism. Ripple plans to launch RLUSD, a stablecoin backed by the US dollar that it hopes will expand its role in the blockchain and payments industries.

From a technical perspective, analysts highlight the bullish pennant pattern that has formed over the last seven years. Crypto analyst Javon Marks noted in a recent post that a break above this pattern could signal further gains in the coming months.

XRP price has further upside Ripple price chart | Source: crypto.news

The daily chart shows that XRP is consolidating after its recent rise and forming a bullish pennant pattern, which is generally a positive indicator. The coin has broken above the 50-day and 200-day Exponential Moving Averages and is holding support at $0.9351, a key level since July last year.

A bullish breakout could push XRP towards this week’s high at $1.2685. Breaking above this could increase the chances of reaching the 2021 high of $1.97, which represents a 75% gain from current levels. However, a move to the all-time high of $3.54, which would require a 215% increase, is considered less likely this year.