TL;DR
- Ripple’s XRP saw a 6% daily gain as analysts eye potential rallies to $0.65 if it breaks key resistance.
- With Trump’s promise to dismiss SEC Chair Gary Gensler, some predict this could boost the asset, possibly making it a top performer during his presidency.
XRP Tries to Catch up
Ripple’s XRP was among the few leading cryptocurrencies that did not experience any substantial gains after the news of Donald Trump’s victory in the US presidential elections. The asset seems to be in much better shape today (November 7), charting a 6% price increase on a 24-hour scale and briefly reaching almost $0.57. Currently, it trades at around $0.55 (per CoinGecko’s data), meaning a 7.5% spike in the past seven days.
Numerous market observers noted XRP’s resurgence, envisioning a potential for a further rally. The X user CRYPTOWZRD claimed the asset “closed strongly bullish” on November 6, arguing that a successful breakout of the $0.55 resistance zone could lead to a pump towards $0.65.
The analyst assumed that firing the current Chairman of the US SEC – Gary Gensler – “will help XRP to get more confidence.” Recall that Trump promised to dismiss the head of the securities regulator on day one after taking the helm.
Gensler and the SEC have been at war with Ripple, filing a lawsuit against the company in 2020. The case, which centers on whether the company’s sales of its native token (XRP) constituted unregistered securities offerings, is still ongoing.
Ben Armstrong, better known as “BitBoy,” shared a similar thesis. He believes the possible firing of Gensler might make XRP the best-performing top 100 cryptocurrency during Trump’s presidency.
Additional Forecasts
Other industry participants predicting a bright future for XRP include Brett and EGRAG CRYPTO. The former assumed that the crypto market has “entered the most exciting phase of this cycle,” envisioning a skyrocketing rally for XRP.
EGRAG CRYPTO thinks the token’s valuation has been following a so-called “just do it” chart (resembling the logo of the apparel giant Nike) in the last few years. They suggested that this trend could result in a price spike to as high as $1.60 in the future.
The X user also opined that “a solid weekly close above $1.10 and confirm it as strong support” could mean that XRP may never drop below $1 again.
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