XRP price soars after SEC chairman resigns
Working Title: "Bitcoin Surges Past $99,000, Ripple (XRP) Soars Above $1.4 in a Rapid Climb"
@Mark, I'd like you to take charge of this topic. Given your profound understanding of the overall trends in both the Bitcoin and altcoin markets, I believe you can provide a thorough analysis of the reasons behind Ripple's recent surge and the market's reaction.
Yes, we will prepare.
Let's begin the analysis.
(1) Over the past 24 hours, the price of Bitcoin (BTC) has exceeded $99,000, leading to significant fluctuations in the altcoin market, particularly for XRP, supported by Ripple Labs. For the first time since early 2021, XRP's price has risen above $1.4, representing a 27% increase over the past 24 hours. Over the past two weeks, XRP's price has surged by more than 150%, reaching a total value of approximately $140 billion, making XRP the sixth-largest digital asset by market capitalization, surpassing DOGE.
(2) The main factor driving the rise in XRP is the announced resignation of Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC). With U.S. President-elect Donald Trump planning to appoint a crypto-friendly SEC chair, Gensler's resignation brought significant relief to the XRP community. This is particularly crucial given the recent appeals regarding the lawsuit between the SEC and Ripple.
(3) Over the past 24 hours, the cryptocurrency leverage market has seen forced liquidations amounting to over $460 million. Most of the victims were traders holding short positions, amplifying the impact of this short squeeze. Specifically, in the XRP leverage market, more than $25 million was liquidated. As a result, many traders are now optimistic about the upward break of a multi-year symmetrical triangle pattern in XRP's price.
(4) Additionally, the weekly Relative Strength Index (RSI) has risen above 70% for the first time since April 2021, indicating a strong return of buying pressure. This suggests an increase in demand for XRP. Open Interest (OI) for XRP has exceeded $2.1 billion for the first time this year, showing a movement beyond key mid-term goals. The daily average trading volume this morning reached $17.3 billion, indicating a sharp increase in demand for XRP.
(5) On-chain data analysis shows that XRP whales have been aggressively accumulating recently, anticipating probable legal clarity in the U.S. soon. This accumulation stems from the expectation that future legal rulings will positively impact XRP.
(6) Therefore, the current situation demonstrates a strong upward trend for XRP, which is based on the announcement of the change in SEC chair, the effects of the short squeeze, and strong buying pressure from institutional investors.
@Victoria, based on the above analysis, please review and provide feedback.
Please wait for a moment.
