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XRP price increased by 2.8% in the last following a market wide surge due to Bitcoin hitting $76,000, a new all-time high. Meanwhile, famous crypto influencer BitBoy has suggested that the price of XRP could surge if president-elect Donald Trump fires current SEC Chair Gary Gensler.
Will XRP Price Pump If Trump Fires Gensler
The recent Trump victory may have more in store for Ripple as multiple crypto commentators, high-profile figures, and a good portion of the crypto community urge President Trump to oust Gary Gensler.
Popular crypto YouTuber and commentator Ben ‘BitBoy’ Armstrong has said that XRP might be among the top 100 coins that pump the hardest. In an earlier interview, BitBoy said all meme coin money will flow into XRP in the next cycle, suggesting that this is the best asset.
On November 6, Ripple CEO also took to the X platform to congratulate Trump on his win and proposed the idea to “Fire Gensler. Day 1, No Delays.” He further proposed Christopher Giancarlo, Daniel Gallagher, or Brian Brooks as a replacement for Gensler.
.@realDonaldTrump, Congratulations!
Some fodder for your first 100-day checklist to get things moving:
– Fire Gensler. Day 1, no delays.
– In his place, appoint Giancarlo, Brooks, or Gallagher – they’d be massive upgrades in rebuilding the rule of law (and reputation) at the…
— Brad Garlinghouse (@bgarlinghouse) November 6, 2024
However, speculations suggest that SEC’s Mark Uyeda is more likely to replace Gary Gensler over the earlier speculated Hester ‘Crypto Mom’ Peirce, a commissioner in the SEC appointed there by President Trump in 2018.
The price of XRP hovered around $0.5515 during New York pre-market hours after gaining 6% in the past week.
How High Could XRP Price Go If Gary Gensler Is Dismissed?
XRP rallied to $0.5739, its highest in 30 days, as Bitcoin soared to a new high above $76,400 following Trump’s election victory. This boosted the overall crypto market sentiment.
XRP price failed to sustain above the $0.55 resistance level and retraced to its current price. However, the Average Directional Index (ADX) is at 29.61, suggesting that volatility is still increasing. The Relative Strength Index (RSI) is at 65.72, near the overbought region, but still has room to move. This could provide the boost needed to propel XRP above the resistance level.
If the price of XRP breaks close above the $0.55 resistance, it may trigger a short-term rally to $0.66, which coincides with a multi-month resistance that will take some struggle to beat. However, beyond that, XRP could soar to $0.94 or even $1.
XRP Price Analysis ChartIf bears push the price below $0.5, the current bullish thesis would be invalidated. Despite past setbacks, Ripple’s regulatory clarity has improved, but its market performance lags behind that of peers like Solana (SOL) and Binance Coin (BNB).
Some skeptics argue Gensler’s removal may not spark significant XRP gains as hoped by BitBoy and others. Still, the community remains hopeful of the massive impact of Gensler’s resignation on XRP’s future price trajectory.
Frequently Asked Questions (FAQs)
Ripple CEO and some analysts have suggested names like Christopher Giancarlo, Daniel Gallagher, or Brian Brooks. Mark Uyeda is also a speculated successor.
Many in the crypto community believe replacing Gensler could favor XRP, given his strict stance on crypto regulations, especially towards Ripple.
XRP supporters believe so, and market influencers suggest it could push the price to $0.66, with potential for a rally up to $1.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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