XRP Price Prediction: Will the Token Resume Its Upward Climb After a Slight Dip?

The XRP token has exhibited mixed sentiment over the past 24 hours, with a bearish trend dominating most of the trading day. According to CoinMarketCap’s data

XRP’s price experienced a slight pullback on Wednesday, as the token faced selling pressure following recent gains. However, strong technical indicators and rumors of SEC Chair Gensler's resignation hinted at potential future price surges.

What Happened: XRP’s price action experienced a slight setback over the past 24 hours, with the token registering a 1.46% decline to settle at $1.10 at press time. This price movement occurred amid a broader downturn in the cryptocurrency market, as evidenced by a 0.07% decrease in the total crypto market cap, which now stands at $2.46 trillion.

The XRP token encountered selling pressure during the day, as indicated by a net outflow of 90,235 tokens from centralized exchanges. This outflow coincided with a broader decline in exchange cryptocurrency trade volume, which fell by 11.3% to reach $133.24 billion. XRP’s trading volume also decreased, albeit marginally, to the tune of 0.02%, and stood at $6.59 billion at press time.

Despite the daily price dip, XRP’s price action over the past week and month remained largely positive. The token appreciated by 55.82% over the seven-day period and surged by 107.31% over the 30-day period. This price performance signaled a sustained bullish trend for XRP over the short to medium term.

Technical Analysis: At press time, the MACD indicator signaled a decisive bullish crossover above the signal line at 0.0261, a development that highlighted strong buying pressure and pointed toward continuing XRP’s rally. This was further corroborated by the 50-day and 200-day simple moving averages (SMAs), which provided robust support zones at $0.57 and $0.62, respectively.

However, the RSI had risen to 81.08, indicating that XRP’s rally may be becoming overextended in the short term. Such RSI levels have historically been followed by a period of consolidation or a minor pullback as traders secure profits.

In the event of a retracement, the 50-day and 200-day SMAs are expected to act as key support levels, serving as a springboard for the next upward leg. This cooling phase would allow the RSI to normalize, maintaining the broader bullish trajectory while reducing short-term overheating risks.

XRP Price Surges in Sight as SEC Chair Gensler Might Resign: A report by Armando Pantoja highlighted that XRP’s price is set to experience a surge, with price targets ranging from $8 to $30. According to the market analyst, this prediction hinges on the rumor of SEC Chair Gary Gensler’s possible resignation, which Pantoja considers a pivotal event for the crypto market—particularly for XRP.

Gensler's exit + Elliot Wave patterns signal a huge $XRP breakout.

Key break points: $1.33 & $1.88.

After $1.88, it’s a clear path back to the ATH of $3.84.

Targets: $8-$30. Last time we saw this setup, #XRP skyrocketed.

Don’t miss it. #XRP #XRPArmy pic.twitter.com/aDOuceBQAH

— Armando Pantoja (@_TallGuyTycoon) November 19, 2024

Pantoja’s analysis parallels a previous market cycle where XRP experienced explosive growth, rising from mere cents to $3.84. In that scenario, similar macroeconomic and regulatory conditions set the stage for rapid price appreciation. Moreover, the analyst believes the cryptocurrency could repeat this historical surge with XRP’s breakout above critical resistance levels at $1.33 and $1.88.

The sustained legal battle between the SEC and Ripple, which dampened XRP’s price potential, has weighed heavily on investor sentiment. Should Gensler step down, the market could interpret it as a shift toward more favorable regulatory conditions, igniting a wave of optimism and renewed interest in the XRP token.