Ripple’s XRP is not slowing down, with the price increasing by around 80% last week. The bullish move has continued to gain this week, and it doesn’t look like it is stopping soon.
For the first time since November 2021 (three years ago), the price of XRP hit the $1.20 level, and these positive events have been thrilling the community.
Armando Pantoja, a crypto expert who is also on the Benzinga Crypto Advisory Board, commented on the current price path of XRP, showing excitement about what is coming.
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A Confluence of Bullish Factors for XRP Price Ascension
The crypto analyst mentioned that there are various factors that could help XRP grow, potentially reaching as high as $8 as it spikes.
The first factor is that Gary Gensler is leaving the office of SEC chairman. There have been rumors about his resignation or plans to do so. Additionally, Donald Trump made a campaign promise to remove Gary from office on his first day in office.
Gary Gensler is on his way out, and $XRP is 100% about to break out.
— Armando Pantoja (@_TallGuyTycoon) November 15, 2024
Last time we saw this pattern: symmetrical triangle, bullish MACD, volume spike—it went from pennies to $3.
Target $8-$30. Ignore $XRP under $1, but don’t say we didn’t warn you. #XRPArmy
Repost this! pic.twitter.com/CsL8wuBg0n
The news about Gary Gensler leaving office has made a lot of people in the crypto industry excited, as they believe that the SEC chairman has not been beneficial to the crypto community. This could also bring a resolution to the long-standing fight between the SEC and Ripple in which Gary has been key.
Technical Analysis Alignment for XRP Price Rise
The analyst also discussed a confluence of factors that could help XRP’s price rise. The first is that there has been a breakout from a symmetrical triangle. This occurred last week, making the price skyrocket as bullish excitement kicked in.
The MACD indicator is also strongly bullish for the token, and there are significant volume spikes. This is evident from the symmetrical triangle histogram height.
The expert noted that the last time this happened, the price of XRP went from pennies to $3. These factors have made the analyst confident that trading under $1 for XRP is not likely. He sees a spike to around $8 to $30 coming soon.
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