XRP price soars after SEC chairman resigns

- XRP Surges 27% in 24 Hours, Reflecting Growing Confidence in Ripple’s Market Position - Expectations of Regulatory Easing for Cryptocurrency Following SEC Chair’s Resignation [Unblock Media] The recent surge in XRP is closely tied to the announcement of the resignation of Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC). The news of the SEC Chair's resignation has fostered expectations of regulatory easing across the Ripple market, causing a sharp rise in XRP prices. The announcement of Gensler’s resignation has provided significant relief to the XRP community, resulting in a rapid increase in XRP prices. Recently, XRP’s value surged by 27%, making it the sixth-largest digital asset by market capitalization. At the same time, a significant wave of liquidations occurred in the leveraged cryptocurrency market recently. A considerable amount of funds has been liquidated in the XRP leverage market, causing a short squeeze phenomenon that has accelerated the rise in XRP prices. This uptrend continued as many traders, anticipating higher prices for XRP, broke through the symmetrical triangle pattern. The RSI for XRP exceeded 70%, indicating entry into the overbought zone. Historically, similar overbought indicators have led to short-term corrections, necessitating caution. However, fluctuations may occur depending on the outcome of Ripple's lawsuit with the SEC. Expectations of regulatory easing due to the change of the SEC Chair have increased market confidence in XRP. Many investors are hopeful that new regulations will be more flexible. Lastly, another analysis on why Ripple’s XRP price has surged points to active accumulation by "whales." This reflects the anticipation of large investors for future price increases in XRP. More cryptocurrency traders are closely watching XRP’s market trends, looking for opportunities. Currently, XRP of Ripple are experiencing strong upward momentum and attracting significant market attention. It remains to be seen whether this uptrend will continue.