XRP Price Could Rise to $33 Following Gensler’s Resignation
The resignation of Gary Gensler as Chair of the US Securities and Exchange Commission (SEC), effective January 20, coincides with President-elect Donald Trump's inauguration. Crypto analyst Rodney (@cryptojourneyrs) analyzed XRP’s price potential in this context.
At the time of analysis, XRP traded at $1.43, representing a 172% increase over the past month, with a market capitalization of $81 billion and daily trading volume of $22 billion. Rodney noted, “XRP is starting to return to its normal spot in crypto, being one of the dominant altcoins.”
Why XRP Is Poised To Surge Higher
Rodney suggested that Trump’s intention to fire Gensler may have prompted Gensler to resign preemptively. He commented, “Gary Gensler is going to be stepping down from his role as chair of the SEC January 20th, the same day Trump is going to be inaugurated.”
Rodney discussed the SEC's lawsuit against Ripple, stating it significantly impacted XRP's price and market perception, causing a 50% dip when filed. He remarked that despite legal challenges, XRP has consistently remained a top cryptocurrency.
He referenced Ripple's partial victory against the SEC in July 2023, which set a significant precedent. However, he noted the price did not react positively, observing, “When we heard about that news… XRP started to pump to around $0.67 but then promptly dipped down to about $0.50.”
On the political landscape, Rodney stated, “Donald Trump actually ended up destroying Kamala Harris and is going to be the next president.” He highlighted Trump’s pro-crypto stance, noting he was “much more open about supporting crypto.”
Rodney expressed optimism about cryptocurrency’s integration into government systems, asserting, “Now more than ever, it seems like cryptocurrency is going to be involved with our government, and in my opinion, XRP is going to be up there with the top projects.”
He explained XRP's objectives: “They want to be used for international money transfers… enabling fast and low-cost international money transfers and currency exchanges.” With supportive government figures, XRP could realize its potential.
How High Can XRP Price Go?
Rodney considered various market capitalization scenarios for XRP. If it achieved Ethereum's market cap of approximately $400 billion, it would result in a 4.9x increase, bringing XRP to around $6.98. Imagining XRP reaching Bitcoin's market cap of about $2 trillion suggests a 24x increase, placing XRP at approximately $33. He saw a $10 XRP, corresponding to a $600 billion market cap, as reasonable.
However, he acknowledged challenges in these predictions, stating, “It would be tough for any cryptocurrency project to hit those market cap sizes because Bitcoin’s dominating the entire market right now.”
At press time, XRP traded at $1.40.
