“Massive Rally” Coming As XRP Hits $0.8?

TL;DR

XRP rose above $0.80, boosted by expectations of regulatory changes at the helm of the US SEC. While analysts are predicting further gains for the asset, the RSI index suggests that a short-term correction could be on the horizon. Becoming a better performer

Despite its retreat in the last 24 hours, the cryptocurrency market has been booming since Donald Trump’s victory in the US presidential election (held on November 5). Initially, Ripple’s XRP lagged behind other major assets in terms of gains. However, today it is the best of the top 20 clubs.

Several hours ago, the price of XRP rose to $0.83, a level last seen in the summer of 2023. It is currently trading around $0.80 (according to CoinGecko data), representing a 14% increase on a daily basis.

XRP Price, Source: CoinGecko

Perhaps the most apparent reason driving the rally is increased speculation that US SEC Chairman Gary Gensler may soon step down.

During his tenure, the agency has filed countless lawsuits against crypto businesses, and the community expects a different approach from the potential new leader. In any case, Gensler’s days at the helm of the Commission appear to be numbered as Trump has vowed to fire him once he takes office.

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

JAVON MARKS also chimed in. The strategist predicted a triple-digit rise to $3.30 based on XRP’s past performance.

Another expert who recently outlined bullish forecasts is Cryptoinsightuk. Analyst believes XRP can mirror DOGE’s solid performance and rise above $1:

“Honestly, I feel a clean break of $0.66 and send it $1 or more. You probably find resistance around $1.28.”

Possible withdrawal on the way?

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

Ratios above 70 indicate that the asset has entered overbought territory, meaning it could be headed south in the near term. Conversely, readings below 30 are considered a buying opportunity.

The RSI is currently set at approximately 71.

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