XRP Shatters the $1.50 Mark, Rising 10% in the Past 24 Hours to Reach $1.53

This comes on the back of a multiweek bullish run fueled by positive developments in the regulatory landscape, including SEC Chairman Gary Gensler's decision to step down in January.

XRP Surges Past $1.50, Logging 10% Gain, as SEC Chair Resignation Fuels Bullish XRP Sentiment

After a week of impressive gains, XRP price continues to surge higher, adding another 10% to its value in the past 24 hours. Commencing the day at $1.39, XRP price rapidly ascended to reach $1.53. This surge marks a new peak for XRP, which has now risen over 50% in the past seven days.

XRP Price Analysis: Key Points

Technical analysis suggests XRP faces resistance at $1.70.

Despite profit-taking fears, buying pressure remains strong.

XRP’s market position, combined with favorable regulatory shifts, bodes well for the token.

XRP Surges Past $1.50, Chart Analysis

XRP price 4-hours chart on Binance – Binance

On the XRP/USD 4-hours price chart, a strong uptrend is visible, signaled by a series of higher highs and lows. The token's immediate support now lies at the 4-hours moving average (MA), currently at $1.46, offering a potential cushion in case of a pullback.

After breaking through the $1.50 mark, XRP price now faces resistance at the next round number level of $1.70. A bullish continuation could see XRP attempting to breach this resistance, aiming for higher highs.

However, considering the rapid ascent, some traders might anticipate potential pullbacks as traders opt to realize profits. Nonetheless, the buying pressure remains robust, fueled by the positive price action.

Resignation of SEC Chair Buoys Crypto Stimmung

The announcement of SEC Chairman Gary Gensler's decision to step down in January has created a bullish atmosphere for cryptocurrencies. After Gensler's tenure, which saw several lawsuits filed against major crypto firms, market participants are optimistic about a crypto-friendly regulatory shift in the United States.

This optimism has manifested in a surge of buying activity in the crypto market, pushing prices higher across the board. XRP, being one of the market's top performers, has notably benefited from this buying pressure.

Ripple's position in the crypto space, coupled with the favorable regulatory shifts, has ensured XRP remains one of the best-performing tokens. As the market adjusts to the changing landscape, XRP is certainly a token to keep an eye on.