XRP Eyes $0.75 Yearly High Ahead of Trump’s Plan to Fire Anti-Crypto Gensler

XRP’s (XRP) price has surged by over 35% a week after Donald Trump won the United States presidential election, reaching $0.698 on Nov. 12, its highest in eight months.

Trump Gets Close to Firing Anti-Crypto SEC Chief

XRP is rallying primarily because of Trump’s strong intentions to dismiss US Securities and Exchange Commission (SEC) Chairman Gary Gensler.

Ripple Labs, an XRP-associated blockchain firm, has been in a legal battle with the SEC since December 2020 concerning allegations of unregistered securities offerings through XRP sales. In July 2023, a federal judge ordered Ripple to pay a $125 million civil penalty, significantly less than the $2 billion initially sought by the SEC.

“On day one I will fire Gary Gensler” -Donald Trump #Bitcoin2024 pic.twitter.com/oQIYrxyN8k

— Altcoin Daily (@AltcoinDailyio) July 27, 2024

However, the SEC appealed the court decision in October 2024, seeking to overturn the ruling that limited its regulatory oversight of cryptocurrency markets, particularly concerning XRP.

Following the SEC’s appeal, Ripple filed a cross-appeal challenging an unfavorable aspect of the court’s decision. Ripple’s Chief Legal Officer, Stuart Alderoty, indicated that the appeals process could extend until July 2025.

In October 2024, Gurbir Grewal, the SEC’s Enforcement Director known for his stringent stance on cryptocurrency regulation, announced his resignation. Following Trump’s reelection on Nov. 6, 2024, Gensler’s removal will further topple the SEC brass that has been considered anti-crypto in recent years.

Crypto attorney Jake Chervinsky wrote in an X post on Nov. 6 that Mark Uyeda, a pro-crypto SEC commissioner, could become the next SEC chief.

If Gensler is replaced by someone more aligned with fostering crypto innovation, this could result in more favorable regulations for crypto companies, including Ripple. It would allow Ripple to operate with less legal uncertainty and offer XRP to a wider range of users without fear of ongoing litigation.

Trump Pump Could Send XRP to $0.75 Yearly High

XRP’s ongoing price boom has sent its price above its 0.786 Fibonacci retracement line at around $0.667. This level was instrumental in limiting XRP’s upside bias in the March-April 2024 and July-September 2024 sessions, leading to 20-40% declines.

If XRP continues to hold the 0.667 resistance as newfound support, its likelihood of continuing toward the 2024 high of around $0.75 is huge by November’s end. Conversely, closing below $0.667 will increase the selling pressure toward the $0.60 support target, coinciding with the 0.618 Fib line.

XRP’s daily relative strength index further supports an interim correction scenario, given its readings are now over 10 points above the overbought threshold of 70. Technically, it indicates that the market is overheated, which could lead to profit-taking scenarios in the short term.

XRP Weekly Analysis: A Potential Rally to $1 in Early 2025

Gensler’s removal from the SEC office could catapult XRP to multi-year highs in 2025, with longer-timeframe charts suggesting the same.

For instance, on the weekly timeframe, XRP shows signs of breaking out of its prevailing multi-year symmetrical triangle range to the upside. On Nov. 12, the cryptocurrency closed above the triangle’s upper trendline and is now eyeing a jump above its 0.236 Fib retracement line resistance of around $0.709.

If XRP breaks above the said level, its upside target for early 2025 appears to be around the 0.382 Fib line, aligning with the $1 milestone for the first time since December 2021.