XRP Price Prediction: Will the Rally Continue as Trump Promises to Replace Gensler With Crypto-Friendly Regulator?

XRP continued its strong bullish momentum, reaching a high of $0.6985, its highest level since March 14.

Ripple (XRP) price continued its rally on Monday, reaching a high of $0.6985, its highest level since March 14. The token surged for four consecutive days amid optimism in the crypto industry. At its peak, XRP was up over 80% from its lowest level this year.

The surge came as total cryptocurrency market cap pushed past $3 trillion for the first time since 2021. Bitcoin (BTC) approached $90,000, with analysts predicting it could hit $100,000 soon.

Ripple's rally was also boosted by Donald Trump's recent election, which could ease some of the network's legal issues. Trump has pledged to replace Gary Gensler with a crypto-friendly regulator. This could lead the agency to withdraw its appeal on a court ruling from October.

The conclusion of Ripple's legal battle with the SEC could accelerate the network's growth, enabling deals with financial services companies like banks and money transfer firms.

Moreover, a new SEC may be more likely to approve spot XRP ETFs, possibly in the first half of next year.

XRP price also surged following developers' hints about an upcoming dirham stablecoin. The launch would follow Ripple's RLUSD stablecoin, which is backed 1:1 by the US dollar and overseen by U.S. regulators.

Meanwhile, XRP futures open interest crossed the $1 billion mark for the first time since Sept. 30, indicating growing demand. According to CoinCarp, the number of XRP holders has risen gradually to over 4.8 million.

XRP price forms a golden cross

The daily chart shows that XRP has staged a strong comeback, retesting its highest level since March 14. It briefly rose above the key resistance level at $0.6655, which was its peak on September 29.

Interestingly, XRP has formed a golden cross, with the 200-day and 50-day Exponential Moving Averages forming a bullish crossover. The token also displays a highly bullish cup and handle pattern.

Therefore, the XRP price is likely to continue rising, with bulls targeting the key resistance level at $1, which is a 56% increase from the current level. This view will be invalidated if the price drops below $0.60.