XRP Eyes 30% Breakout As Gary Gensler Announces SEC Exit

XRP (XRP) surged over 11% on Nov. 21, breaking out of a bull pennant pattern following news of Gary Gensler’s planned departure as the U.S. Securities and Exchange Commission (SEC) chair.

Gensler Wants to Quit Before Donald Trump Fires Him

Gensler, appointed by President Joe Biden in 2021, announced he would step down on January 20, 2025.

Known for his aggressive regulatory stance on cryptocurrencies, including lawsuits against major projects like Ripple, Gensler’s tenure has been contentious. Even U.S. President-elect Donald Trump promised voters he would fire Gensler on his first day in the White House to woo voters.

During his tenure, Gensler aggressively targeted crypto-related fraud and pursued enforcement actions against major players like Coinbase Global Inc. and trading giant DRW Holdings, accusing them of failing to comply with registration requirements.

🚨BIG BREAKING $XRP COMMUNITY: GARY GENSLER IS OFFICIALY RESIGNING!!! pic.twitter.com/WfU0QZmpM4

— Crypto Assets Guy (@cryptoassetsguy) November 21, 2024

However, critics argue that Gensler offered no viable framework for integrating the rapidly evolving crypto sector into outdated regulatory structures, sparking widespread resistance from the industry.

His departure will likely make either Commissioner Hester Peirce or Mark Uyeda the acting SEC chair. Both are considered more crypto-friendly than Gensler.

The news has fueled optimism in the crypto market, with traders anticipating reduced enforcement actions under a more industry-supportive SEC leadership. XRP, central to the SEC’s lawsuit against Ripple, appears to be capitalizing on the sentiment shift.

XRP’s Technical Breakout Underway: 30% Rally Next?

XRP’s climb on Nov. 21 pushed its price above a triangle-like consolidation range that appears to be a bull pennant pattern.

In the XRP chart, the bull pennant formed after a sharp rally that began in early November. The price consolidated into a tight range, creating the triangular pennant.

XRP broke out above the upper trendline of the pennant on Nov. 21, signaling a continuation of the uptrend. A potential target is calculated by adding the flagpole height to the breakout level.

As a result, XRP’s bull pennant suggests a measured move target at around $1.50, up 30% from the current price levels.

Meanwhile, XRP’s breakout comes amid rising momentum, with the 4-hour Relative Strength Index (RSI) hovering at 67—just below overbought levels. Furthermore, XRP remains well above its 50-4H exponential moving average (50-4H EMA; the red wave) near $1.00, reinforcing the 30% rally outlook.