XRP Launches a Bullish Attack as Gensler Steps Down as SEC’s Chair—How High Can XRP Price Go in 2024?
Market sentiment has become extremely optimistic and Bitcoin is about to cross the $100,000 milestone. While other altcoins have a narrow trading range, Ripple price Preparations are being made for a massive rally as technical, fundamental, and eternal factors have all turned in favor of the coin. From this, expectations of 50% realization in the coming week have emerged, which may pave the way for a new ATH before the end of the year.
In a recent update, SEC Chairman Gary Gensler, who is quite strict with the cryptocurrency community, is resigning. President-elect Donald Trump pledged during his campaign to remove him from office. Nonetheless, this move ahead of the new administration is expected to trigger a new rally in the cryptocurrency market. Shortly thereafter, Bitcoin price broke out of this range and was about to reach the milestone; at the same time, XRP price rose by 25% to reach levels above $1.3.
Now that the coin has surged over 30% in the past 24 hours, can XRP price reach $2 by the end of the month?
Historical patterns suggest that XRP price is trying to follow previous moves, which triggered a massive rally towards ATH. Currently, the price has broken out of a similar decisive triangle, and if it replicates the previous triangle, the coin may face a minor pullback before triggering the next price move. However, changes in market sentiment are expected to revive a strong upward trend in new ATH, possibly forming double-digit figures.
At the same time, volume remains the main limiting factor. Previously in 2018, there were many cryptocurrencies available for traders to invest in. However, with the emergence of memecoins, AI tokens, DeFi tokens, etc., the price of XRP may not be able to attract large amounts of liquidity on its own. Therefore, the bull run will certainly not replicate the previous bull run, but XRP price is still expected to form a new ATH close to $5 in 2025.
