XRP’s price trajectory has become a significant focus for cryptocurrency analysts and traders alike, particularly in light of recent political developments in the United States. Crypto pundit DonAlt (@CryptoDonAlt) recently shared a long-term price target for XRP, setting a peak of $6.9.
While XRP currently trades around $0.73, DonAlt’s chart analysis points to an optimistic forecast, and if certain conditions align in favor of Ripple and XRP, the digital asset might hit this lofty target.
Much of the renewed interest in XRP is tied to the outcome of the recent U.S. presidential election. Experts in the cryptocurrency space have speculated that a Donald Trump presidency could benefit the crypto industry, particularly XRP.
A New Era for XRP
Trump’s return to office has raised expectations due to his public stance on regulatory reform. Specifically, Trump has indicated that he intends to remove Gary Gensler from his position as Chair of the Securities and Exchange Commission (SEC).
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Gensler’s tenure has been marked by a strict regulatory approach toward cryptocurrencies, including ongoing litigation between the SEC and Ripple.
This strict enforcement by litigation also extended to many other blockchain companies, and despite many losses in the courts, the SEC refused to back down. However, Gensler’s removal will mark the end of this practice.
Ripple’s CEO, Brad Garlinghouse, recently reminded Trump of this pledge, suggesting pro-crypto candidates to replace Gensler after his departure. Garlinghouse’s reminder is a hopeful note for the XRP community, as a change in SEC leadership could pave the way for more crypto-friendly regulation.
If Trump fulfills his promise and appoints a pro-crypto SEC Chair, many believe the Ripple lawsuit could be resolved swiftly, eliminating a significant obstacle for XRP.
Other Bullish Developments Surrounding XRP
In addition to the potential regulatory relief, XRP has shown promising technical signs. Technical analysts point to XRP’s recent price movement, which has broken through several resistance levels, indicating a possible bullish trend.
A notable analyst also recently spotted a weekly bullish divergence, suggesting a massive surge for the digital asset. DonAlt’s $6.9 target and other bullish targets shared by experts have renewed the optimism within the XRP community. After an impressive 33.7% surge over the past week, it seems XRP can only go up from here.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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