Will an 80-fold increase be seen? Analysts are optimistic about 'this type of currency': It is expected to soar to 80 after the SEC chairman steps down.

SEC Chairman is ready to step down

This Thursday (November 21), the Chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler, announced plans on the official SEC blog and his personal X (formerly known as Twitter) to step down on January 20, 2025, before and after Trump took office.

Image Source: X Gary Gensler's tweet

Since Gary Gensler took office as SEC Chairman, SEC has taken a tough stance on several cryptocurrency companies, including a years-long legal dispute with Ripple, making him a major 'adversary' of the cryptocurrency industry.

And his resignation not only relieved many investors and encryption enterprises who were under regulatory pressure, but also brought hope to Token, which was greatly affected by the SEC. Experts pointed out that the most obvious beneficiary after Gary Gensler's resignation is likely to be Ripple's native Token $XRP.

XRP price status and future trends

According to CoinGecko's data, the price of $XRP has risen by 24.3% in the past 24 hours, nearly 65% in the past week, and is reported at $1.36 at the time of writing.

Image source: CoinGecko $XRP PA

Market analyst Armando Pantoja pointed out that from the perspective of Technical Analysis, XRP's technical indicators mostly show bullish signals. The MACD indicator indicates a strong upward trend, and at the same time, the 50-day and 200-day moving averages provide strong support at $0.57 and $0.62 respectively.

It is worth noting that the RSI indicator of XRP has reached 81.08, entering the Overbought zone. Historical data shows that this is usually a precursor to short-term consolidation or pullback. However, Armando Pantoja believes that this will not change the long-term bullish trend.

He expects the price of $XRP to possibly consolidate and break through again in the short term, with the next breakthrough point being $1.88. If it successfully breaks through the key resistance level, Armando Pantoja also gives a very optimistic target price range of $8 to $30, with the potential to achieve a maximum increase of 80 times.

There are still many uncertainties in the long term.

It should be noted that although the resignation of the SEC chairman in the short term may indicate a looser encryption regulatory environment to come, some observers also point out that the new chairman's selection and policy direction are still unclear, so the market may be optimistic too early.

In addition, even if Gary Gensler steps down, the legal dispute between Ripple and the SEC will still take time to resolve, so whether the target of $XRP at 80 US dollars can be achieved is still uncertain.

【Disclaimer】There are risks in the market, and investment needs to be cautious. Analyst views are for reference only. Users should refer to more diverse indicators to judge whether to invest, and consider whether any opinions, views, or conclusions in this article are suitable for their specific situation. Investment based on this, at one's own risk.

The article '80-fold increase will appear? Analysts are optimistic about 'this currency': It is expected to soar to 80 after the resignation of the SEC chairman.' was first published in 'encryption city'.