XRP Bullish Surge: Can It Hit $3.30 Before Year's End?

XRP Price Soars as Market Anticipates SEC Chair Change

Ripple’s XRP has been on a tear, surging over 3% in the past 24 hours. As the cryptocurrency market eagerly awaits the potential departure of SEC Chair Gary Gensler, XRP’s bullish momentum is gaining traction.

Technical Analysis: A Bullish Outlook

According to crypto analyst Josh from Crypto World, XRP’s current price action is promising. The altcoin is currently trading within a golden pocket and near the 78.6% Fibonacci level. A breakout above the $1.30 resistance level could propel XRP towards its previous highs of $1.70 to $2.

Short-Term Price Prediction:

Bullish Scenario: A break above the $1.14 resistance could lead to a bullish continuation, potentially pushing it towards $1.35.
Bearish Scenario: A break below the $1.08 support level could trigger a 15% decline, bringing the price down to the $0.91 to $0.92 range.

Long-Term Potential: A Repeat of 2021’s Bull Run?

When comparing XRP’s price action to Bitcoin, a striking similarity emerges. The current chart pattern resembles the double bottom formation seen in early 2021, which preceded a significant price surge. If history repeats itself, XRP could potentially double in value against Bitcoin, leading to substantial gains of over 100%.

The Impact of a New SEC Chair

The potential departure of SEC Chair Gary Gensler has sparked optimism among XRP investors. A new, crypto-friendly chair could lead to more favorable regulatory policies, which could positively impact the price of XRP and other cryptocurrencies.

Conclusion

While XRP’s bullish momentum is strong, it’s important to exercise caution and conduct thorough research before making any investment decisions. The cryptocurrency market is highly volatile, and prices can fluctuate rapidly.

However, with a potential bullish breakout and the anticipation of a new SEC chair, XRP could be poised for significant gains in the coming months.