On Tuesday, October 15th, Ripple’s native token, XRP, soared, rising 4.44% to a 12-day high of $0.5552. However, this upward momentum faced a slight pullback, with the token falling to $0.5404 at the time of writing, marking a 1.31% decline over the past 24 hours.
TradingView’s daily chart shows that the token’s recent price movements follow a steep decline that began in late September. The cryptocurrency briefly reached a critical level of $0.6645, but by October 3, it had plunged more than 23% to a low of $0.5071. After weeks of downward pressure, XRP appears to be regaining its footing, and this rally suggests a possible recovery.
breaking news: #rippleswell Miami 2024 is loading!🌴 pic.twitter.com/cYf5oeofc2
— Ripple (@Ripple) October 15, 2024
Fueling this optimism is anticipation for Ripple’s upcoming Swell event, an annual gathering hosted by the San Francisco-based blockchain company. Despite the token’s recent gains, it has lagged the broader crypto market, which recorded a modest gain of 0.10%, bringing its market capitalization to $2.3 trillion. The question remains whether this rally will last, as traders are keeping an eye on both market trends and future developments surrounding Ripple.
XRP rises amid crypto policy restructuring: Harris’ plan and Trump’s SEC maneuvers
XRP’s recent price surge comes in the wake of US Vice President Kamala Harris’ announcement of her vision for cryptocurrency regulation. In her speech, Harris highlighted the increasing participation of Black Americans in the cryptocurrency space, with more than 20% owning digital assets, and advocated for a clear regulatory framework.
Join Now: 🇺🇸 Kamala Harris Campaign Releases First Statement on Cryptocurrency Policy!
“The plan would create rules for cryptocurrencies and other digital assets. More than 20% of Black Americans own or have owned crypto assets, according to the campaign.” – NPR
According to… pic.twitter.com/BHyfa1uqQs
— Good morning crypto (@AbsGMCrypto) October 14, 2024
The focus on expanding access to cryptocurrencies has fueled speculation about bipartisan support, but some, like Fox Business’s Eleanor Terret, have questioned the campaign’s selective support and criticized the plan’s breadth. Some people question its comprehensiveness. At the same time, former President Donald Trump’s increasing likelihood of victory in 2024 adds another layer of intrigue.
Polymarket has a 57.5% chance of winning the 2024 election, and President Trump has announced his intention to fire SEC Chairman Gary Gensler, which could change the SEC’s stance on the Ripple complaint. be. As the SEC faces a Dec. 2 deadline, XRP traders are nervous about Trump’s potential victory and how a Trump victory could sway the outcome and reshape the regulatory landscape. I’m guessing what could be built.
XRP/USD price outlook
Despite Monday’s surge, the token failed to break above the crucial $0.55 level as uncertainty looms over the SEC’s pending appeal. Additionally, the coin continues to trade below its 50-day and 100-day SMA, indicating a bearish undertone. Still, if XRP can break out of these SMAs, it could pave the way for an upward move towards the $0.5739 resistance zone.
A breakout of the 61.8% Fibonacci retracement hurdle at $0.5786 could increase bullish momentum targeting the resistance level at $0.6609. The bullish case gains further momentum as the 100 SMA crosses above the 50 SMA, suggesting a potential uptrend that could have staying power. Conversely, a decline below $0.50 could bring the trendline into focus and open the door to further downside.
Also read: Bitcoin (BTC) hits $65,000: Why $250,000 is more likely than you think
