XRP Price Soars 11% as SEC Leadership Shifts Spark Speculation – Could $5 Be Next?

Highlights:

• XRP hits $2.86, with trading volume up 32%.
• Ripple’s legal chief called the SEC case a “waste of time” but is confident as briefs are due January 16.
• Experts suggest the appeal may proceed as a bargaining tool despite talks.

The XRP price has surged 11% in the last 24 hours to trade at $2.86 as of 5 a.m. EST on a 32% surge in trading volume to $11.3 billion. The push comes amid upheaval in the top order at the SEC, with Gary Gensler set to quit on January 20, the day Donald Trump is sworn into office.

Ripple’s chief legal officer, Stuart Alderoty, says that the decision is a “waste of time and taxpayer dollars.” However, he expresses confidence in their position on appeal. The SEC’s case against Ripple remains in evolution, with the parties agreeing that a delay in an appendix for cross-appeals will be filed, with the SEC’s opening brief due on January 16.

On January 20, Gensler’s war on crypto ends at the SEC. We asked the SEC to agree to postpone the filing of their opening brief in their appeal of our victory (current deadline Jan 15) – and they refused. What a waste of time and taxpayer dollars!

Nevertheless, we are confident…

— Stuart Alderoty (@s_alderoty) January 14, 2025

In advance of this, there has been some speculation that the new leadership of the Commission under Paul Atkins might retract the appeal. Still, Bill Morgan believes the filing will proceed because the commission regards the appeal as arguable, hence a bargaining chip.

The vote will dismiss an appeal, said Marc Fagel, a former SEC lawyer, although Morgan expects discussion of a settlement and not outright dismissal.

XRP Statistics

• XRP price: $2.86
• Market Capitalization: $164 billion
• Trading Volume: $11.3 billion
• Circulating Supply: 57 billion
• Total Supply: 100 billion

XRP Price Bullish Pennant Signals Another Rally Ahead

The chart shows a strong bullish bias for XRP/USD, signifying immense momentum and higher prices. The price also indicates a breakout of its long consolidation area above $0.50 in late October, resulting in a sharp rally to a new trading range. After the initial surge, XRP traced a bullish pennant, which is a classic continuation pattern that usually implies a brief pause before the next leg higher.

This breakout from the pennant pattern is fairly recent, and the move from the flagpole would suggest a strong likelihood of a rally towards the $3 mark or higher. The $2.20 support level has seen multiple tests for support, strengthening the case as a key area for buyers to come into the name.

The 50-SMA, at $2.31, also provides dynamic support and further emphasizes the bullish trend. The technical indication of the MACD  is that the MACD and signal lines are diverging in difference, while the histogram bars are growing higher to indicate growing bullish momentum.

The RSI at 68.52 is approaching the overbought zone but is still below the critical level of 70. This suggests that there’s potential for more upside, though the overbought condition may trigger a short-term pullback or consolidation.

More Bullish Uptrend Ahead

With the current price at $2.82, XRP shows strong upward momentum, positioning it well for further gains. Bulls may potentially push the price toward the $5 mark.

The tendency will continue to increase if it sustains the above key supports. On the contrary, any firm breach below $2.20 will indicate a loss of bullish control with corrections towards the lower support zones. For now, the technical and structural setup favors further gains, with the $3 psychological level as a potential short-term target for buyers.